Elon Musk says he has secured $46.5 billion in funding to pursue a takeover bid on Twitter

Elon Musk says he has secured the money to make a tender offer for Twitter, but hasn’t yet decided whether to proceed.

In a filing with the Securities and Exchange Commission, Musk said he has received commitments for $46.5 billion in financing. Morgan Stanley, which is Twitter’s third-largest shareholder, led the funding commitments.

In the filing, Musk said Twitter has not yet responded to him directly regarding his unsolicited takeover offer for the company, which prompted the possible tender offer. Musk had hinted at the offer for days on Twitter.

“Twitter has not responded to the Proposal,” the filing read. ”Given the lack of response by Twitter, the Reporting Person is exploring whether to commence a tender offer to acquire all of the outstanding shares of Common Stock that are issued and outstanding (and not held by the Reporting Person) at a price of $54.20 per share (…) but has not determined whether to do so at this time.”

Musk has personally committed $21 billion in equity financing, according to the filing. Additionally, he has secured roughly $25.5 in debt financing through Morgan Stanley Senior funding and other firms, including Bank of America, Barclays, MUFG, Société Génerale, BNP Paribas, and Mizuho Bank.

Musk’s original offer for Twitter, which he dubbed a “best and final” offer at the time, came on April 14. The world’s richest man said he would pay $54.20 per share in cash, representing a 54% premium over the Jan 28. closing price and a value of about $43 billion.

Skepticism was immediate. Twitter shares barely moved on the news, and many wondered if he was serious. Twitter’s board took the offer, or at least the threat of a takeover, seriously, though. On Friday, however, it opted to adopt a shareholder rights plan, known as a poison pill, to deter Musk and other hostile bidders.

Musk has been outspoken about changes he’d like to see at the social media company, with an emphasis on his definition of “free speech.”

Twitter shares were largely unchanged Thursday on the news of Musk’s funding raise.

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