Apollo Global Management Inc. and Sixth Street Partners, which had been looking to provide financing for Elon Musk’s proposed $44 billion buyout of Twitter Inc, are no longer in talks with the billionaire entrepreneur, said two sources familiar with the matter.
Apollo had been in talks to provide preferred equity financing for the deal, alongside Sixth Street, sources previously told Reuters.
In reply to tweets saying that neither entities were part of the $7.1 billion of third-party equity financing announced in early May, nor part of the debt financing, Musk said: “correct”, a Reuters report stated.
These talks ended months ago around the time Musk started having second thoughts about the deal, the sources cited above said. Musk initially proposed the buyout in April before backtracking in July and then changing course again this week.
Musk and Twitter are attempting to reach an agreement after months of litigation that damaged Twitter’s brand and fed Musk’s reputation for erratic behavior.
Twitter and Musk did not immediately respond to requests for comment. Apollo and Sixth Street declined to comment.