Elon Musk plans to rely more heavily on equity to finance his $44 billion deal for Twitter amid a sharp decline in Tesla stock in recent weeks.

Mr. Musk’s funding plan now includes $33.5 billion in equity, up from $27.25 billion, according to a Wednesday regulatory filing. He no longer plans to rely on a margin loan backed by Tesla shares, which are down by about a third since he struck a deal with Twitter in late April.

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