US-based billionare Elon Musk has secured £35.6 billion worth of financing commitments to fund his proposed takeover of Twitter.

Filings with the US Securities and Exchange Commission released today show that the Tesla chief executive has proposed a commitment of $21 billion in equity to fund the proposed takeover, with the rest of the loans backed by banks led by Morgan Stanley and a further loan backed by Tesla shares.

The official filings said that Musk, currently the richest man in the world, was; “exploring whether to commence a tender offer… but has not determined whether to do so at this time”.

Musk, who recently rejected a place on Twitter’s board, launched a $43 billion bid for the microblogging site last week.
Twitter chief executive Parag Agrawal said the firm refuses to be “held hostage” by the billionaire “we as employees control what happens”.