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Mirae Asset in talks to fund Elon Musk’s Twitter deal – source – Reuters

ByINVESTOR

Oct 24, 2022

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SAN FRANCISCO, Oct 24 (Reuters) – South Korea’s Mirae Asset Financial Group is planning to commit about 300 billion Korean won ($208 million) to help finance Elon Musk’s $44 billion buyout of Twitter Inc (TWTR.N), a person familiar with the matter told Reuters on Monday.

The deal with Mirae is expected to be finalized in the coming days before the deadline for the closing of the Twitter deal on Oct. 28, the source added.

Mirae Asset earlier this year invested in Musk’s rocket and satellite company SpaceX, the person said.

Musk’s lawyer was not immediately available for comment.

Mirae Asset declined to comment.

The Korea Economic Daily earlier reported Mirae Asset’s investment plan for Twitter.

“Mirae Asset is creating a 300 billion won fund to support Musk’s takeover of Twitter, according the to investment banking industry. The structure (of the fund) is to jointly acquire a stake in Twitter with Musk,” the newspaper reported

Analysts say Musk needs to attract more equity investors to finance the Twitter purchase and avoid further sales of his stock in electric car maker Tesla (TSLA.O).

Earlier this month, a Delaware judge gave Musk until Oct. 28 to close his takeover of the social media platform.

Tesla investors have feared the billionaire might sell more Tesla stock to finance the deal, weighing on its shares.

($1 = 1,442.9400 won)

Reporting by Hyunjoo Jin; Additional reporting by Heekyong Yang in Seoul; Editing by Franklin Paul; Mark Potter and Muralikumar Anantharaman

Our Standards: The Thomson Reuters Trust Principles.

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