The deal to acquire Twitter has changed somewhat although the change only really affects where Elon Musk is getting the money and not the acquisition itself.

The change is that Elon Musk will no longer be borrowing against his Tesla stake and will instead use his own money. This is according to a filing with the Securities and Exchange Commission this week.

The filing announced the expiration of margin loans taken against Tesla stock. This means that where originally $12.5 billion of the funds to acquire Twitter would have come from loans against Tesla stock, those funds will now come from Musk himself. Musk had already halved the amount coming from Tesla stock but it seems that the bad run the firm has had this month has now forced his hand to dig deeper into his pockets.

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The long and short of this is that Musk is now on the hook for an additional $6.5 billion. We suspect that Musk will approach investors to fund that portion of the sale but who those will be is unclear. Perhaps he’ll approach Peter Thiel who just stepped down from Meta’s board of directors.

We have no doubt that Musk will find the funding somewhere, billionaires tend to have more coins between the couch than the rest of us. Coins here meaning a reputation that gives folks confidence in lending you billions.

All of this having been said, Musk sure has been fighting hard to seemingly lower the price he’ll ultimately need to pay. The billionaire has taken issue with Twitter’s reporting that less than five percent of its user base is spam/bot accounts. The deal is currently in flux until Musk is able to verify this information.