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South Korea’s Mirae Asset to Help Fund Musk’s Twitter Deal

Mirae Asset is creating a 300 billion won ($208 million) fund to support Musk’s takeover of Twitter, the Korea Economic Daily said


Musk has reversed course and is now offering to proceed with his $44bn bid for Twitter.
A deal with South Korea's Mirae Asset is expected to be finalised in the coming days before the deadline of Musk's overall Twitter deal on Oct. 28.. File photo: Reuters.

 

South Korea’s Mirae Asset is set to commit $208 million to help fund Elon Musk’s $44 billion buyout of Twitter, a close source has claimed.

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.

 

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“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

 

Read more:

Musk U-Turn: Ready to Buy Twitter if it Drops Legal Case

Twitter Has a Chinese Spy, Says Its Former Security Chief

Twitter Reaped a Bonanza From Chinese State Entities

 

Alfie Habershon

Alfie is a Reporter at Asia Financial. He previously lived in Mumbai reporting on India's economy and healthcare for data journalism initiative IndiaSpend, as well as having worked for London based Tortoise Media.

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