The billionaire has personally committed to spending $33.5bn on the acquisition; the amount is made up of $21bn of equity and $12.5bn in margin loans against some of his shares in Tesla

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Elon Musk proposes to acquire Twitter for $54.2 per share in cash. (Credit: Daniel Oberhaus/Wikimedia Commons)

Tesla and SpaceX founder Elon Musk claimed that he has secured around $46.5bn in the form of debt and equity financing to acquire microblogging platform Twitter.

The American billionaire revealed plans of taking his offer directly to Twitter’s shareholders, as indicated by a filing with US regulators.

Musk has personally committed to spending $33.5bn on the acquisition. The amount is made up of $21bn of equity and margin loans of $12.5bn against some of his shares in Tesla.

Musk tweeted: “If our twitter bid succeeds, we will defeat the spam bots or die trying!”

Earlier this month, Musk made a non-binding offer of $54.2 per share in cash to acquire Twitter. The billionaire said that the social media firm did not respond to his proposal.

Musk said that due to the lack of response by Twitter, he is exploring whether to launch a tender offer to buy all of the outstanding shares of the company’s common stock. The billionaire added that he is yet to determine whether to commence the tender offer at this time.

Following Musk’s offer, Twitter’s board of directors had unanimously adopted a limited duration shareholder rights plan to thwart the billionaire’s takeover plans.

The rights plan is intended to reduce the chances of any entity, person, or group gaining control of Twitter through open market accumulation without paying appropriate control premium to all shareholders.

Saudi Prince Alwaleed bin Talal, who is a major shareholder in Twitter, rejected Musk’s proposal.

In early April 2022, Musk took a 9.2% stake in the microblogging site by purchasing 73.4 million shares through his Elon Musk Revocable Trust. The Tesla founder become the largest shareholder in Twitter, but refused to become a part of the social media firm’s board of directors.