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Elon Musk Increases His Personal Commitment to Acquiring Twitter to $33.5 Billion

According to a recent SEC filing, Elon Musk will commit $33.5 billion to a Twitter buyout bid.

A filing with the SEC on May 24 shows that Musk will increase his personal commitment in his bid to take over Twitter to $33.5 billion.

Twitter tried to block Musk’s acquisition with a “poison” deal in mid-April, but by April 25, Musk had reached a $44 billion deal with Twitter that included a personal commitment to the value of the company. for $12.5 billion.

Then, on May 4, Musk’s commitment grew to $27.25 billion as he raised capital from a variety of sources.

Earlier, Musk said that he would not continue to buy Twitter until it was proven that less than 5% of Twitter users are spambots or fake users. However, news of increased personal engagement suggests that Musk is still interested in buying Twitter outright.

Twitter also held its shareholder meeting on May 25. During the meeting, Twitter CEO Parag Agrawal made it clear that executives would not be answering any questions about the acquisition.

Shares of Twitter briefly spiked in the hours after the meeting, rising 10% from $36.89 to $40.50. Twitter stock is currently valued at $37.16.

Elon Musk’s proposal to acquire Twitter even received backing from crypto exchange Binance. The exchange has contributed $500 million and says it intends to merge social media with Web3 and crypto.