As Tesla and SpaceX CEO Elon Musk is continuing the fight to acquire Twitter Inc soon, he has decided to form a trinity of companies, which are supposedly going to be a combination of all his business ventures, making it a ‘super company’.
According to Bloomberg reports, the new super company formed by Musk has been registered under variations of the name X Holdings in the state of Delaware, which is tax-friendly for businesses.
The filings made with the US Securities and Exchange Commission (SEC) show that Elon Musk has decided to form these entities to help him with the purchase of Twitter Inc. Musk reportedly plans to put money into one of the entities to fund the purchase of the social networking site.
According to the report in New York Post, once Musk is able to acquire Twitter, the company would merge into X Holdings. Bloomberg said that the first company, X Holdings I Inc, which will be the parent company of Twitter if the bid is successful, has Elon Musk as its President, Treasurer, and Secretary.
Meanwhile, X Holdings II Inc will be merging with Twitter as part of the acquisition. X Holdings III LLC would be used to help fund the transaction, according to Bloomberg. Till now, no official connection between X Holdings, Tesla, and SpaceX has been revealed.
This comes as Elon Musk has reportedly acquired the funds to buy Twitter. Earlier this week, Musk said that he has lined up $46.5 billion in debt and equity financing to buy Twitter Inc and is considering taking his offer directly to shareholders, a filing with U.S. regulators showed.
Musk himself has committed to putting up $33.5 billion, which will include $21 billion of equity and $12.5 billion of margin loans against some of his Tesla Inc shares to finance the transaction. He is the chief executive officer of electric vehicle maker Tesla.
READ | Tesla CEO Elon Musk likely to buy Twitter soon after securing $46.5 billion for bid
