Elon Musk will put up $6 billion to drop Tesla loans from his Twitter deal
by Russell Brandom from The Verge - All Posts on (#5ZN2J)
Illustration by Kristen Radtke / The Verge; Getty Images After a brutal month for Tesla stock, Elon Musk will no longer fund his Twitter buyout by borrowing against his Tesla ownership stake.
In a filing with the Securities and Exchange Commission, Musk announced the expiration of a series of margin loans against Tesla stock, which had been included as part of his original financing plan to acquire Twitter. As part of the announcement, Musk committed to providing an additional $6.25 billion in equity financing, bringing his total commitment to $33.5 billion.
Tesla has shed more than 30 percent of its value since the Twitter deal was signed
Musk's initial plan to acquire Twitter involved a combination of $21 billion in personal equity and $25.5 billion in loans. $12.5 billion of those loans...