SAN FRANCISCO — Tesla CEO Elon Musk on Wednesday revised the financing plan for his proposed $44 billion purchase of Twitter, raising investor hopes that the unpredictable billionaire still intends to pull off a deal roiled by market turbulence and Musk’s not-entirely-explicable concerns about the number of fake accounts on Twitter.
Dorsey, also a Twitter cofounder, owns a 2.4% stake currently worth about $700 million, based on the company’s closing stock price Wednesday, according to FactSet Research. Musk owns a nearly 9.6% stake worth $2.7 billion.resigned as CEO last NovemberThe nuts and bolts of the financing package weren’t as significant to investors as the news that Musk apparently still plans to complete his Twitter buyout.
Earlier this week, Ives estimated that there was a 60% chance that Musk would call off the Twitter deal and pay a $1 billion breakup fee, risking a potential lawsuit by the company. With Musk now trying to secure a new financing package, Ives believes there is a 50-50 chance of the deal happening, but only if Twitter’s board is willing to sell for significantly less than the agreed-upon price. “Musk is hedging his bets here, but the big elephant in the room remains,” Ives said.
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