Elon Musk says he’s secured $46.5 billion in financing for his Twitter bid, an vital disclosure seemingly meant to ease considerations about his dedication to the concept.

Over $20 billion would come from various loans from Morgan Stanley, in accordance to a brand new SEC submitting. One other $21 billion will come from fairness financing.

Musk has not but made a proper tender provide for Twitter, however it could come quickly now that Musk has given extra particulars about how he’d finance a deal. Whereas Musk possesses a fortune price greater than $260 billion, almost all of it’s tied up in Tesla inventory and different illiquid belongings. He’ll must borrow cash in addition to probably promote Tesla shares to make the deal work.

Musk says he has not heard from the Twitter board since going public together with his $54.20-a-share proposal every week in the past. Whereas Musk has employed Morgan Stanley to advise him, Twitter has retained Goldman Sachs and JPMorgan.

The SEC filling notably leaves out anybody however Musk. A slew of Wall Road corporations, together with Apollo and Thoma Bravo, had reportedly been eager about becoming a member of the financing across the Twitter transaction. It looks as if they’ve misplaced curiosity and received’t be becoming a member of Musk in his bid for Twitter.

Twitter has labored to protect itself as greatest it might from Musk. Final Friday, its board adopted a poison tablet, a company mechanism that’ll let it promote deeply discounted inventory to shareholders and cut back Musk’s stake. However Twitter lacks the stronger protection different tech firms get pleasure from towards hostile takeovers. It doesn’t have the identical sort of dual-share courses as Meta, Alphabet and Snap, which firmly preserve management of these firms with their founders and CEOs.

Nevertheless it’s been unclear how severe Musk was about his Twitter bid, the consequence of a his well-known joke provide to denationalise Tesla in 2018. The preliminary lack of particulars about how he’d finance the acquisition added to the confusion. (Buyers proposing unsolicited takeovers often take nice pains from the beginning over these numbers, realizing buyers could also be unfamiliar with them and reluctant.) Inside Twitter, workers and different firm insiders during the last week have tried to disregard Musk and hoped the entire thing would possibly go away as rapidly because it descended over them. CEO Parag Agrawal urged endurance at a short all-hands assembly final assembly Friday.

As a part of a very unconventional model of company warfare, Musk has twice made cryptic tweets about tender gives in the previous few days. One referenced Elvis Presley’s hit “Love Me Tender,” the opposite, F. Scott Fitzgerald’s novel Tender is the Evening. Mixed, they obtain greater than half 1,000,000 Likes, an indication of Musk’s immense following on Twitter (82 million), in addition to his capability to win over public assist for his thought.