Elon Musk is exploring whether to commence a tender offer for Twitter, according to a new securities filing.

The updated filing published on Thursday says Musk has received commitments for $46.5 billion to help finance the potential deal. Musk has not yet determined he will make a tender offer for Twitter or whether he will take other steps to further the proposal, the filing states.

Tender offers involve making a bid to purchase some or all shares of a company directly from its shareholders.

Last week, Musk offered to buy Twitter for $54.20 a share, or about $43 billion. On Friday, Twitter adopted a limited duration shareholder rights plan, often referred to as a “poison pill,” in an effort to fend off a potential hostile takeover.

Musk, who’s CEO of Tesla and SpaceX, in recent weeks has amassed a more than 9% stake in the company. Twitter then extended an offer to Musk to join the board, but on the condition that Musk couldn’t buy more than 14.9% of the firm. Musk reversed course and instead made a bid to take Twitter private.

This is breaking news. Please check back for updates.