Elon Musk will use Tesla as collateral for Twitter takeover

Elon Musk has unveiled his $46 billion financing plan to fund his takeover of Twitter – using Tesla as collateral.

The world’s richest man today filed new documents with the Securities and Exchange Commission outlining how he would grab the social media giant.

It secured $21 billion in equity financing, $13 billion from Morgan Stanley in credit facilities and another $12.5 billion from the bank in margin loans.

The 50-year-old billionaire also revealed he was set to launch a takeover bid on Twitter after the company ignored his takeover offer.

He said in SEC filings that he was considering getting stock directly from shareholders, but admitted he “has not determined whether to do so.”

The move signals that Musk is stepping up his commitment to seizing Twitter after weeks of back-and-forth between the entrepreneur and the company.

It comes after the social media giant filed its “poison pill” defense with the SEC in a bid to thwart it.

It was seen as a last-ditch attempt to stop Musk from further increasing his stake in the company after his $43 billion bid last week.

Musk, the world’s richest man, currently owns a 9.2% stake in the tech giant and is trying to take it private with an unsolicited offer of $54.20 per share.

But the bosses have reportedly called on Goldman Sachs and JPMorgan Chase to advise him on how to respond to his offer.