Twitter jumps after Musk increases commitment in takeover bid to $33.5 billion, in talks for other funding

Elon Musk, during an event at SpaceX headquarters in Hawthorne, California, US, on Thursday, Oct. 10, 2019.

Bloomberg / Getty

A new filing reveals that Elon Musk plans to front $ 33.5 billion in his bid to take over Twitter.

Musk is in talks with Twitter founder and former CEO Jack Dorsey and others to help finance, or roll their shares over, to complete the deal.

As CNBC’s David Faber previously reported, Elon Musk is expected to serve as a temporary CEO of Twitter for a few months after he completes the $ 44 billion acquisition.

Shares of Twitter rose 7% on the news.

This is breaking news. Please check back for updates.

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