Elon Musk is in talks with Mirae Asset to help finance his Twitter deal
- Tech News
- October 26, 2022
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The Mirae Group plans to commit approximately $208 million to help fund Musk’s $44 billion purchase of Twitter.
San Francisco: South Korea’s Mirai Asset Financial Group plans to commit about 300 billion Korean won ($208 million) to help finance Elon Musk’s $44 billion purchase of Twitter, a person familiar with Reuters matter. The matter will be on Monday.
The source added that the deal with Mirae is expected to be completed in the next few days ahead of Twitter’s deal-closing deadline of October 28.
Earlier this year, the source said, Asset invested in Musk’s rocket and satellite company, SpaceX.
Musk’s attorney could not be reached for comment.
Mirae Asset declined to comment.
The Korea Economic Daily previously reported on Twitter’s Mirae Asset investment plan.
“Mirae Asset is establishing a 300 billion won fund to support Musk’s acquisition of Twitter, according to the investment banking industry. The (fund) structure is set to share a stake in Twitter with Musk,” it reported. The newspaper.
Analysts say Musk needs to attract more equity investors to finance the Twitter purchase and prevent further sales of his shares in electric carmaker Tesla.
Earlier this month, a Delaware judge gave Musk until October 28 to end his takeover of the social media platform.
Tesla investors fear the billionaire could sell more Tesla stock to finance the deal, which would hurt his stock.
($1 = 1,442.9400 won)
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