Elon Musk has created three holding companies in his attempt to buy Twitter

Advertisement
Elon Musk has created three holding companies in his attempt to buy Twitter
Elon Musk.Patrick Pleul/Pool/AFP via Getty Images
  • Elon Musk created three new holding companies according to SEC filings.
  • The filings show the companies are part of his plan to buy Twitter.
Advertisement

Elon Musk created three separate holding companies on Wednesday as part of his bid to buy Twitter, according to documents filed with the Securities and Exchange Commission.

The companies are called X Holdings I, II, and III, and two filings to the SEC state that all the companies have been established to acquire or merge with Twitter, "directly or indirectly." The filings all referred to the plan as "Project X."

Musk offered to buy Twitter's outstanding stock at $54.20 per share last week, valuing the company at roughly $43 billion.

Complimentary Tech Event
Discover the future of SaaS in India
The 6-part video series will capture the vision of Indian SaaS leaders and highlight the potential for the sector in the decades to come.25th Aug, 2022 Starts at 04:00 PM (40 mins)Register Now
Our Speakers
Dan Sheeran
Sandeep Gupta

Musk said Thursday he has secured $46.5 billion in financing commitments for his desired takeover of Twitter.

Twitter's board has resisted Musk's proposed takeover, devising a "poison pill" defense which the board said would "protect stockholders from coercive or otherwise unfair takeover tactics."

Advertisement

The creation of the holding companies also sets the stage for Musk to potentially coalesce his portfolio of companies including Tesla, SpaceX, The Boring Company, and Neuralink under one parent company.

Musk expressed enthusiasm for the idea of bringing his companies under one parent company named "X" in a 2020 tweet, although in a recent TED Conference interview he said it would be "tricky."

"Tesla is a publicly traded company and the investor base of Tesla and SpaceX, and certainly Boring Company and Neuralink, are quite different," Musk said.

{{}}