According to multiple sources familiar with the deal that spoke with Reuters, Musk is in discussions with investment firms and high net-worth individuals to contribute more financing for the $44 billion buyout.
Additionally, Musk is apparently seeking large Twitter shareholders to roll their existing stake into the new venture, instead of cashing out. Former Twitter CEO Jack Dorsey is reportedly one of those shareholders considering the proposal.
The sources did not reveal the identity of any of the high net-worth individuals involved in the discussions, but did say Apollo Global Management Inc and Ares Management Corp. are among the private equity firms involved.
If Musk is successful, he will be able to reduce the $21 billion in cash he has already committed to the deal.
Regulatory filings published last week showed the Tesla CEO sold approximately $4 billion in TSLA shares.
Being able to secure more financing and reducing his personal commitment will also help TSLA. Wedbush analyst Dan Ives believes the Twitter deal has weighed down the price of TSLA shares by as much as $100 over Musk’s share sale and general financing concerns.
Shares of TSLA have risen sharply since the news broke, and is now trading up nearly 4% on the day.