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Tesla’s Elon Musk received commitments for $46.5 billion for Twitter acquisition attempt
Tesla CEO Elon Musk has hinted that he has a “Plan B” just in case his initial acquisition attempt for Twitter does not succeed. A new securities filing published on Thursday appears to hint at what this “Plan B” could be.
As noted in a Schedule 13D filing, Musk is currently exploring a tender offer to purchase some or all Twitter stock directly from shareholders. The Tesla CEO noted that this new strategy was adopted partly because Twitter’s Board of Directors had not responded to his initial acquisition offer. What’s interesting, however, is that Musk has received commitments for $46.5 billion to help finance the potential deal.
The relevant section of the 13D filing follows:
“Twitter has not responded to the Proposal. 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 (together with the associated rights issued pursuant to the Rights Agreement (the ‘Rights’ and, together with the Common Stock, the ‘Shares’)) that are issued and outstanding (and not held by the Reporting Person) at a price of $54.20 per share, net to the seller in cash, without interest and less any required withholding taxes, subject to certain conditions (the ‘Potential Offer’), but has not determined whether to do so at this time.
“To finance the Proposed Transaction or a Potential Offer, entities related to the Reporting Person have received commitment letters committing to provide an aggregate of approximately $46.5 billion as follows:
-->(i) A debt commitment letter, dated April 20, 2022 (the “Debt Commitment Letter”), from Morgan Stanley Senior Funding, Inc. and certain other financial institutions party thereto as commitment parties (collectively, the “Commitment Parties”) pursuant to which the Commitment Parties have committed to provide $13 billion in financing to the Reporting Person and related entities as follows: (a) a senior secured term loan facility in an aggregate principal amount of $6.5 billion, (b) a senior secured revolving facility in an aggregate committed amount of $500 million, (c) a senior secured bridge loan facility in an aggregate principal amount of up to $3 billion and (d) a senior unsecured bridge loan facility in an aggregate principal amount of up to $3 billion ((a) – (d) collectively, the “Debt Facilities”);
(ii) A separate debt commitment letter, dated April 20, 2022 (the “Margin Loan Commitment Letter”), from Morgan Stanley Senior Funding, Inc. and certain other financial institutions party thereto as commitment parties (collectively, the “Margin Loan Commitment Parties”) pursuant to which the Margin Loan Commitment Parties have committed to provide $12.5 billion in margin loans (the “Margin Loan Facility”), the proceeds of which will be distributed or otherwise made available to Purchaser; and
(iii) An equity commitment letter, dated April 20, 2022 (the “Equity Commitment Letter”), from the Reporting Person pursuant to which the Reporting Person has committed to provide equity financing for the Proposed Transaction or the Potential Offer sufficient to pay all amounts payable in connection with the Offer and the Merger (plus related fees and expenses), net of the amounts to be funded pursuant to the Debt Commitment Letter and the Margin Loan Commitment Letter, which is currently expected to be approximately $21 billion (the “Equity Financing”).
Musk caught headlines last week when he announced his intention to acquire Twitter for $54.20 a share in a deal worth about $43 billion. While the Twitter Board of Directors did not formally respond to Musk’s offer, the company adopted a “poison pill” strategy on Friday in what was viewed as an attempt to block a takeover by the Tesla CEO. Twitter co-founder Jack Dorsey has expressed his support of Musk, even noting that the social media company has had a “dysfunction” for some time now.
Prior to his announcement of a proposed Twitter acquisition, Musk had purchased over 73 million shares of the social media company. By amassing a stake of over 9% in Twitter, Musk effectively became one of the company’s single largest shareholders. Twitter soon announced its plan to give Musk a seat on its Board of Directors on the condition that he could not own more than 14.9% of the company. The Tesla CEO declined the seat and issued his buyout proposal not long after.
-->Elon Musk’s latest filing can be viewed here.
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Tesla FSD Supervised ride-alongs in Europe begin in Italy, France, and Germany
The program allows the public to hop in as a non-driving observer to witness FSD navigate urban streets firsthand.
Tesla has kicked off passenger ride-alongs for Full Self-Driving (Supervised) in Italy, France and Germany. The program allows the public to hop in as a non-driving observer to witness FSD navigate urban streets firsthand.
The program, detailed on Tesla’s event pages, arrives ahead of a potential early 2026 Dutch regulatory approval that could unlock a potential EU-wide rollout for FSD.
Hands-Off Demos
Tesla’s ride-along invites participants to “ride along in the passenger seat to experience how it handles real-world traffic & the most stressful parts of daily driving, making the roads safer for all,” as per the company’s announcement on X through its official Tesla Europe & Middle East account.
Sign-ups via localized pages offer free slots through December, with Tesla teams piloting vehicles through city streets, roundabouts and highways.
“Be one of the first to experience Full Self-Driving (Supervised) from the passenger seat. Our team will take you along as a passenger and show you how Full Self-Driving (Supervised) works under real-world road conditions,” Tesla wrote. “Discover how it reacts to live traffic and masters the most stressful parts of driving to make the roads safer for you and others. Come join us to learn how we are moving closer to a fully autonomous future.”
-->Building trust towards an FSD Unsupervised rollout
Tesla’s FSD (Supervised) ride-alongs could be an effective tool to build trust and get regular car buyers and commuters used to the idea of vehicles driving themselves. By seating riders shotgun, Tesla could provide participants with a front row seat to the bleeding edge of consumer-grade driverless systems.
FSD (Supervised) has already been rolled out to several countries, such as the United States, Canada, Australia, New Zealand, and partially in China. So far, FSD (Supervised) has been received positively by drivers, as it really makes driving tasks and long trips significantly easier and more pleasant.
FSD is a key safety feature as well, which became all too evident when a Tesla driving on FSD was hit by what seemed to be a meteorite in Australia. The vehicle moved safely despite the impact, though the same would likely not be true had the car been driven manually.
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Swedish union rep pissed that Tesla is working around a postal blockade they started
Tesla Sweden is now using dozens of private residences as a way to obtain license plates for its vehicles.
Two years into their postal blockade, Swedish unions are outraged that Tesla is still able to provide its customers’ vehicles with valid plates through various clever workarounds.
Seko chairman Gabriella Lavecchia called it “embarrassing” that the world’s largest EV maker, owned by CEO Elon Musk, refuses to simply roll over and accept the unions’ demands.
Unions shocked Tesla won’t just roll over and surrender
The postal unions’ blockade began in November 2023 when Seko and IF Metall-linked unions stopped all mail to Tesla sites to force a collective agreement. License plates for Tesla vehicles instantly became the perfect pressure point, as noted in a Dagens Arbete report.
Tesla responded by implementing initiatives to work around the blockades. A recent investigation from Arbetet revealed that Tesla Sweden is now using dozens of private residences, including one employee’s parents’ house in Trångsund and a customer-relations staffer’s home in Vårby, as a way to obtain license plates for its vehicles.
Seko chairman Gabriella Lavecchia is not pleased that Tesla Sweden is working around the unions’ efforts yet again. “It is embarrassing that one of the world’s largest car companies, owned by one of the world’s richest people, has sunk this low,” she told the outlet. “Unfortunately, it is completely frivolous that such a large company conducts business in this way.”
-->Two years on and plates are still being received
The Swedish Transport Agency has confirmed Tesla is still using several different workarounds to overcome the unions’ blockades.
As noted by DA, Tesla Sweden previously used different addresses to receive its license plates. At one point, the electric vehicle maker used addresses for car care shops. Tesla Sweden reportedly used this strategy in Östermalm in Stockholm, as well as in Norrköping and Gothenburg.
Another strategy that Tesla Sweden reportedly implemented involved replacement plates being ordered by private individuals when vehicles change hands from Tesla to car buyers. There have also been cases where the police have reportedly issued temporary plates to Tesla vehicles.
News
Czech Deputy excited for Tesla FSD, hints at Transport Committee review
The ANO party lawmaker shared his thoughts about FSD in a post on social media platform X.
Martin Kolovratník, a Czech Republic Chamber of Deputies member, has expressed his excitement for Tesla’s Full Self-Driving (FSD) after an apparent constituent called for a quick approval for the advanced safety system.
The ANO party lawmaker, who drives both diesel and EV, shared his thoughts about the matter in a post on social media platform X.
The official’s initial statements
Kolovratník kicked off the exchange with a post outlining his coalition’s efforts to scrap highway toll exemptions for electric vehicles and plug-ins starting in 2027.
“Times have changed. Electric vehicles are no longer a fringe technology, but a full-fledged part of operations. And if someone uses the highway network, they should follow the same rules as everyone else. That’s the basis of fairness,” he wrote.
He emphasized equity over ideology, noting his personal mix of diesel and electric driving. “For this reason, there is no reason to continue favoring one technology at the expense of another… It’s not about ideology, it’s about equal conditions. That’s why we clearly agreed within the new coalition: the exemption for electric vehicles and plug-ins will end in 2027. The decision is predictable, understandable, and economically sound.”
-->Tesla FSD enthusiasm
The conversation pivoted to Tesla’s FSD when X user @robotinreallife, who seems to be one of the official’s constituents, replied that other matters are more important than ending highway exemptions for EVs.
“I’m happy to pay for the highway, but I have a question about a much more fundamental matter: The Netherlands will approve the operation of Tesla FSD in February 26, a technology that has been proven to reduce accidents. The Czech Republic has the option to immediately recognize this certification. Do you plan to support this step so that we don’t unnecessarily delay?” the X user asked.
Kolovratník responded promptly, sharing his own excitement for the upcoming rollout of FSD. “I know about it. I like it and it seems interesting to me. Once we set up the committees and subcommittees, we’ll open it right away in that transport one. Thanks for the tip, I’ll deliver the report,” the official noted in his reply on X.
Kolovratník’s nod to FSD hints at the system’s potentially smooth rollout to Czechia in the coming year. With the Netherlands possibly greenlighting FSD (Supervised) in early 2026, Kolovratník’s commitment could accelerate cross-border certification, boosting FSD’s foray into Europe by a notable margin.
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Tesla FSD Supervised ride-alongs in Europe begin in Italy, France, and Germany
Swedish union rep pissed that Tesla is working around a postal blockade they started
