Mirae Asset Financial Group of South Korea plans to pay approximately 300 billion Korean won ($208 million) to help fund Elon Musk’s $44 billion takeover of Twitter Inc., a source familiar with the issue told Reuters on Monday.
In advance of the deadline for the conclusion of the Twitter deal on October 28th, the source also said that the agreement with Mirae is anticipated to be completed in the upcoming days.
According to the source, Mirae Asset made an investment in Musk’s rocket and satellite business SpaceX early this year.
Mirae Asset’s investing strategy for Twitter was previously disclosed by the Korea Economic Daily.
Analysts claim that in order to finance the purchase of Twitter and prevent additional sales of his Tesla stock, Musk must entice more equity investors.
A Delaware judge handed Musk until October 28 to complete his acquisition of the social media platform earlier this month.
Tesla investors have feared the billionaire might sell more Tesla stocks to finance the deal, weighing on its shares.
($1 = 1,444.57 won)