- Elon Musk created three new holding companies according to SEC filings.
- The filings show the companies are part of his plan to buy Twitter.
- They could also open the door to combining Musk's portfolio of companies under one parent company.
- For more stories go to www.BusinessInsider.co.za.
Elon Musk created three separate holding companies on Wednesday as part of his bid to buy Twitter, according to documents filed with the Securities and Exchange Commission.
The companies are called X Holdings I, II, and III, and two filings to the SEC state that all the companies have been established to acquire or merge with Twitter, "directly or indirectly." The filings all referred to the plan as "Project X."
Musk offered to buy Twitter's outstanding stock at $54.20 per share last week, valuing the company at roughly $43 billion.
Musk said on Thursday he has secured $46.5 billion in financing commitments for his desired takeover of Twitter.
Twitter's board has resisted Musk's proposed takeover, devising a "poison pill" defense which the board said would "protect stockholders from coercive or otherwise unfair takeover tactics."
The creation of the holding companies also sets the stage for Musk to potentially coalesce his portfolio of companies including Tesla, SpaceX, The Boring Company, and Neuralink under one parent company.
"Tesla is a publicly traded company and the investor base of Tesla and SpaceX, and certainly Boring Company and Neuralink, are quite different," Musk said.