Musk Raises Nearly $7 Billion in Funding for His Bid for Twitter!
According to a filing on Thursday, Elon Musk has acquired $7.14 billion in finance from a consortium of investors that includes Oracle co-founder Larry Ellison and Sequoia Capital to fund his $44 billion acquisition of Twitter.
Following his initial opposition to the purchase, Saudi Arabian investor Prince Alwaleed bin Talal agreed to roll his $1.89 billion holding into the deal rather than cash-out, according to the filing.
According to the filing, Musk’s margin loan has been decreased from $12.5 billion to $6.25 billion, down from the previously stated amount of $12.5 billion.
Musk’s $21 billion finance commitment was also reduced to $27.25 billion, from $21 billion previously.
According to the filing, Musk will continue to undertake discussions with existing Twitter shareholders, including the company’s former CEO Jack Dorsey, in order to secure contributions of shares to the proposed acquisition.
As part of the investor group, Qatar Holding and Dubai-based Vy Capital, which is also a shareholder in Musk’s other business, The Boring Company, are also represented.
According to Reuters, Musk is in talks with huge financial groups and high-net-worth people about increasing the amount of finance he is providing for his Twitter acquisition and tying up less of his own money in the transaction.
Ellison, a Tesla board member and self-described personal friend of Elon Musk, has pledged $1 billion toward the project’s financing.
Tweeter’s stock was up around 2.9 percent at $50.5 per share before the market opened, although it was still below Musk’s offer of $54.20.