The deal with Mirae is expected to be finalised in the coming days before the deadline for the closing of the overall Twitter deal on October 28.
“Mirae Asset is creating a 300 billion won ($208 million) 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 Korea Economic Daily reported.
Mirae Asset earlier this year invested in Musk’s rocket and satellite company SpaceX, the person said. Musk’s lawyer and Mirae Asset were not immediately available for comment.
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.
Tesla investors have feared the billionaire might sell more Tesla stock to finance the deal, weighing on its shares.
- Reuters, with additional editing from Alfie Habershon