:Elon Musk is in talks with large investment firms and high net-worth individuals about taking on more financing for his $44 billion acquisition of Twitter Inc and tying up less of his wealth in the deal, people familiar with the matter said.
The banks that agreed last month to provide $13 billion in loans based on Twitter's business balked at offering more debt for Musk's acquisition given the San Francisco-based company's limited cash flow, Reuters reported last month. Apollo Global Management Inc and Ares Management Corp are among the private equity firms that have been in talks about providing the financing, the sources added.
Large institutional investors, such as Fidelity, are also in talks about rolling over their stake, according to the source. Investors have been fretting over whether Musk will complete the Twitter deal given that he has backtracked in the past. In April, he decided at the last minute not to take up a seat on Twitter's board. In 2018, Musk tweeted that there was"funding secured" for a $72 billion deal to take Tesla private but did not move ahead with an offer.
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