Musk is trying to get funding for his bid to buy the micro-blogging site.

Four people with knowledge of the situation said that Morgan Stanley was calling banks and other potential investors to shore up financing for the offer. One of the people said that Mr. Musk has not yet begun to seek equity financing for his bid.

Two of the people said that Mr. Musk is looking at various packages of debt, including preferred debt and a loan against his shares ofTesla. Apollo Global Management is one of the parties considering offering debt financing. He needs a large amount of equity.

One of the people said that Mr. Musk was aiming to have a fully funded offer in place by this week. The people with knowledge of the discussions were not allowed to speak publicly.

It is not clear if Mr. Musk's efforts will be successful, but they will address a key question about his bid. Last week, Mr. Musk made an offer for the social media company, saying that he wanted to take it private and that he wanted people to be able to speak more freely on the service. Wall Street was skeptical about his offer because he didn't include details about how he would pay for the deal.

Morgan Stanley didn't comment. When it reports its quarterly earnings on April 28, it is expected to give an update on its deal-making prospects.

The company did not return a request for comment. Some of the company's largest shareholders declined to comment on Mr. Musk's move to potentially take out a loan against the company's shares. The earnings report will be released on Wednesday. During the earnings call, Mr. Musk often speaks.

It would be difficult to finance a deal of this size in the last two decades and it would be the largest such deal in at least the last two decades. The financial profile that is typical of debt-fueled acquisitions is not present in Twitter.

Large and steady cash flows are characteristic of most leveraged buyout deals. Revenue growth has slowed at the micro-blogging site. Its earnings are only $1 billion a year, and financiers don't like to pile on too much debt with companies that make that much money.

There are obstacles to overcome for Mr. Musk. Mr. Musk tried to take the company private and he was successful. He didn't have the funds to do such a deal. He was accused of misleading investors by the Securities and Exchange Commission. Mr. Musk agreed to step aside as chairman for three years after paying a $20 million fine.

One person with knowledge of the situation said that some investors are wary of financing Mr. Musk's bid because of the risks of teaming up with the billionaire and a company that is politically contentious. It is risky for banks to offer a loan against the stock of the company.

Mr. Musk has not made public his business plan for Twitter, though he has spoken about reversing moderation policies and providing more transparency. Efforts to invest with traditional Wall Street financiers could be complicated by his clear stance that profit is not his focus.

Mr. Musk said in an interview that he doesn't think it's a way to make money.

Mr. Musk's offer for the social networking site stands at $54.20 a share. The company's board is likely to accept only an offer of $60 a share or more, according to several analysts. When the company announced goals to double its revenue, its stock rose above $70 a share, but has since fallen as investors question its ability to meet those targets.

Mr. Musk was invited to join the company's board this month. The board welcomed Mr. Musk as a director because of his use of the platform. Mr. Musk has more than 8 million followers on the social media site.

Both Mr. Musk and Mr. Agrawal believe in promoting more free speech by decentralizing Twitter so that users can gain more control over their social media feeds. It would reduce the burden on the social network, which has faced questions about toxic content and misinformation, to decide what posts can stay up and what should be taken down.

Mr. Musk tried to take over the company after rejecting the board seat.

Two people close to the company said that the company is weighing whether to invite bids from other potential buyers. At least one interested party, the private equity firm, has emerged, though it is unclear whether it will ultimately submit an offer.

Kate Conger, Mike and Jack were involved in the reporting.