Elon Musk Told Banks That Agreed To
Help fund his $44 billion acquisition of Twitter Inc that he could crack down on executive and board pay at the social media company in a push to slash costs
Elon Musk Would Develop
New ways to monetize tweets, three people familiar with the matter said.
Musk Made The Pitch To The Lenders
As he tried to secure debt for the buyout days after submitting his offer to Twitter on April 14, the sources said.
His Submission Of Bank
Commitments on April 21 were key to Twitter's board accepting his "best and final" offer.
Musk Had To Convince
The banks that Twitter produced enough cash flow to service the debt he sought.
He Clinched $13 Billion In Loans
Secured against Twitter and a $12.5 billion margin loan tied to his Tesla stock. He agreed to pay for the remainder of the consideration with his own cash.