Yahoo Finance

Elon Musk has secured commitments for $46.5bn (£35.5bn) that would allow him to bypass Twitter’s (TWTR) board and go directly to the social media company’s shareholders with his takeover bid.

Musk said he would personally provide $21bn of equity for the deal with another $12.5bn coming from margin loans, according to paperwork filed with the Securities and Exchange Commission on Thursday.

Banks, including Morgan Stanley, have agreed to provide another $13bn in debt secured against Twitter itself, according to the filing.

Musk has not yet determined if he will make a tender offer for Twitter or whether he will take other steps to further the proposal, the filing states.

Tender offers involve making a bid to purchase some or all shares of a company directly from its shareholders.