Elon Musk is raising the amount of money he is personally putting up in his bid to acquire social media giant Twitter (TWTR) to $33.5 billion U.S.
Previously Musk said he would put up $27.25 billion U.S. to buy the social media company as part of a $44 billion U.S. deal. The Tesla (TSLA) chief executive officer (CEO) also said that he no longer plans to rely on a margin loan backed by shares in the electric-car maker to help fund the purchase of Twitter.
Investors see this latest news as evidence that Musk is fully committed to acquiring Twitter. The social media company’s stock rose 6% to $39.40 U.S. per share on news that Musk is increasing the amount of equity he puts into the deal.
The regulatory filing also shows that Musk has so far lined up 19 investors contributing a total of $7.14 billion U.S. to the Twitter acquisition.
The announcement of Musk’s increased investment follows a Twitter meeting of stockholders earlier this week. The company has planned a special meeting for shareholders to vote on the acquisition, though the exact date has yet to be confirmed.
Last week, Twitter’s board of directors unanimously recommended that shareholders accept Musk’s offer of $54.20 U.S. a share for Twitter stock, though the final outcome of the deal remains unclear.
Twitter filed a proxy statement with the U.S. Securities and Exchange Commission (SEC) last week that outlined the transaction’s history and terms of the negotiations.
On April 1, Musk revealed that he had purchased a 9.1% stake in Twitter. He then announced a plan to acquire all outstanding shares of Twitter that he didn’t own. He made the offer on April 14 and the Twitter’s board accepted it on April 25.
Separately, Twitter founder Jack Dorsey has left the company’s board of directors. Dorsey stepped down as the company’s CEO in November last year, with the company announcing that Parag Agrawal, who had been Twitter’s chief technical officer, would replace Dorsey and take his seat on the board this year.
