Read our previous coverage of Musk’s bid to take over Twitter here.
Elon Musk is close to becoming the sole owner of Twitter, Inc., confirmed sources this morning. This comes after Musk put over $21 billion on the table himself in a bid to prove the legitimacy of his intention to buy the social media monolith, under the moniker of ‘X Holdings’, his new holding company. X Holdings, according to reports, may be the space executive’s attempt at merging his existing companies—including Tesla, SpaceX, the Boring Company, and others—into a conglomerate to rival the likes of Mark Zuckerberg’s Meta Platforms, Inc.
X Holdings is a nod to his former company, X.com, now known as PayPal. Musk has owned the X.com address for years now since buying it back from his former company; it has sat idol since then.
A group of banks have also banded together to aid Musk in his mission to own Twitter by providing some $25.5 billion in loans to Twitter and against Tesla stock personally owned by Musk himself—namely Morgan Stanley, Bank of America, England’s Barclays, Société Générale and BNP Paribas of Paris, and Japan’s Mizuho and Mitsubishi Banks.
Twitter’s shares are up 4.5% at the NASDAQ ahead of Musk’s purchase.