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Elon Musk told banks he will rein in Twitter pay, make money from tweets-source

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Elon Musk told banks that agreed to help fund his $44 billion acquisition of Twitter Inc that he could crack down on executive and board pay at the social media company in a push to slash costs 

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and would develop new ways to monetize tweets, three people familiar with the matter said.

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Musk made the pitch to the lenders as he tried to secure debt for the buyout days after submitting his offer to Twitter on April 14, the sources said. 

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His submission of bank commitments on April 21 were key to Twitter's board accepting his "best and final" offer. 

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Musk had to convince the banks that Twitter produced enough cash flow to service the debt he sought. 

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In the end, he clinched $13 billion in loans secured against Twitter and a $12.5 billion margin loan tied to his Tesla stock. He agreed to pay for the remainder of the consideration with his own cash.

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