Elon Musk is funding his $44 billion Twitter buyout with his own wealth and seeking additional backers following dip in Tesla stock, new report says

The Wall Street Journal reported Wednesday that Musk is leaning on more of his own wealth and is looking for additional financial backers to fund his $44 billion deal to buy Twitter.

Last month, the company accepted Musk's offer of $44 billion, pending regulatory approval. The deal is expected to close in 2022.

According to a regulatory filing obtained by The Journal on Wednesday, Musk's plan to fund the buyout includes more equity than previously thought. The proposed acquisition of the social media company is being discussed by the CEO of the company, as well as the former CEO of the company.

The Journal reported that Musk no longer plans to fund the deal to take the company private.

Musk said on May 13 that his potential takeover of the social media platform was temporarily on hold, citing a detail from a filing that said less than 5% of accounts are fake.

It was confirmed that it was committed to enforce Musk's merger agreement despite the hesitations.

The CEO said at the shareholder gathering that they are working through the transaction process.

Representatives from the company did not respond to the request for comment.