Elon Musk will have to pay Twitter Inc. a fee of $1 billion if the billionaire terminates his $44 billion cash deal for the social media company, it said in a filing on Tuesday.
One of the conditions for Musk’s payment is if the deal falls through because the equity, debt and or margin loan financing needed is not funded, the filing said.
Twitter said on Monday that Musk had secured $25.5 billion of debt and margin loan financing and is providing a $21 billion equity commitment.
Twitter, which is subject to “no-shop” restrictions, will have to pay the same termination fee under specified circumstances, the filing said.
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