Elon Musk updates Twitter financing plan; shares jump
Twitter holds annual shareholder meeting
FOX Business host Stuart Varney discusses the upcoming Twitter shareholder meeting during the opening bell.
Tesla CEO Elon Musk has made an adjustment to his financing plan for his proposed $44 billion purchase of Twitter.
The revision would cut $6.25 billion from the lending package Musk had previously lined up for the Twitter buyout, according to a regulatory statement.
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That means Musk will need to raise that sum in stock commitments instead of debt. That brings the equity portion of the deal to $33.5 billion, up from the $27.25 billion disclosed three weeks ago.
The move raised investor hopes that Musk still intends to make the deal amid his concerns about the number of fake accounts on Twitter.