Elon Musk has secured additional funding to buy Twitter, according to financial filings released Wednesday, bringing the billionaire one step closer to closing the high-profile deal.
The Tesla CEO said in regulatory filings he increased his personal financing of the purchase from $27.3 billion to $33.5 billion and secured an additional $6.25 billion in equity financing , thereby reducing the amount of debt the contractor would incur upon purchase by $44 billion.
The world’s richest man is also in talks with shareholders, including former Twitter CEO Jack Dorsey, for additional funding commitments to fund the deal, he said in the filing.
Musk initially took out a $12.5 billion margin loan against shares of his electric car maker Tesla to help fund his purchase of Twitter. But he cut it to $6.25 billion earlier this month after bringing in co-investors.
The latest filing comes after Musk said last week that his bid to buy Twitter wouldn’t go ahead until the company proves that spambots make up less than 5% of the total number of Twitter users. platform users, a move analysts suggest is meant to pressure Twitter into accepting a lower sale price.
Details of Musk’s funding plans were made public the day Twitter shareholders gathered for their regular meeting.
A vote on Musk’s plan to buy the platform was not on the agenda, but will take place at an undetermined date in the future.
Still, shareholders raising voting proposals frequently invoked the name of Tesla’s CEO. Investors at the meeting pre-approved a proposal from the New York State Common Retirement Fund that called for a report on Twitter’s policies and procedures regarding political contributions using corporate funds.
Two proposals put forward by conservative-leaning groups failed to garner enough votes to pass. One called for an audit of the company’s “civil rights and non-discrimination impacts” and labeled “‘anti-racism’ programs that seek to establish ‘racial/social equity'” as “themselves deeply racist”. The other asked for more information about the company’s lobbying activities.
Several proposals touched on the deep existential conflict being played out between Twitter users, employees and shareholders.
Twitter co-founder Jack Dorsey’s term as a board member expired on Wednesday. Investors re-elected Patrick Pichette, general partner at Inovia Capital, to the board of directors.
Investors also blocked the re-election of a Musk ally to the board, voting against Egon Durban, the co-head of private equity firm Silver Lake, who partnered with Musk over his dropped bid for privatize the electric car manufacturer.