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As Twitter Set to Pay $150M Settlement, Musk Pledges Another $6.25B to Fund Takeover Deal


Twitter is making headlines again. In some of the latest developments, an additional $6.25 billion in equity funding was pledged by Elon Musk on Wednesday, according to media reports. The billionaire made the move to fund a social media company’s $44 billion takeover bid. Musk also zeroed out the margin loan against Tesla Inc. shares. In a regulatory filing on Wednesday, the disclosure showed Musk was looking to complete the deal.

Musk is also in talks with shareholders, like Jack Dorsey, to secure additional funding commitments to fund the deal, he said Wednesday. In extended trading, shares of Twitter jumped about 6% to $39.15.

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Meanwhile, Twitter Inc has finally settled with US authorities allegations of misrepresentation about the “security and privacy” of user data from May 2013 to September 2019, according to court documents filed Wednesday. As part of the settlement, Twitter will now pay $150 million, according to the documents.

The Department of Justice and the Federal Trade Commission announced the settlement.

Specifically, while Twitter told users it collects their phone numbers and email addresses to secure their accounts, Twitter did not disclose that it also uses users’ contact information to help advertisers. reach their preferred audiences,” the complaint reads.

(With agency contributions)

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