Elon Musk secures $7bn in outside funding for Twitter takeover
Elon Musk has secured $7.14bn (£5.7bn) in funding for his $44bn takeover of Twitter from a group of investors that includes Oracle co-founder Larry Ellison, the crypto exchange Binance, and asset management firms Fidelity, Brookfield and Sequoia Capital.
The Saudi Arabian investor Prince Al Waleed bin Talal, who had initially opposed the buyout, also agreed to roll his $1.89bn stake into the deal rather than cashing out, the filing showed.
The move comes as Musk’s margin loan was reduced to $6.25bn from $12.5bn announced earlier, according to the filing. Musk’s $21bn financing commitment was also revised to $27.25bn.
Musk will continue to hold talks with existing shareholders of Twitter, including the company’s former chief Jack Dorsey, to contribute shares to the proposed acquisition, the filing showed.
Qatar Holding and Dubai-based Vy Capital, also an investor in Musk’s other venture The Boring Company, are also part of the investor group.
Musk was in talks with large investment firms and high net-worth individuals about taking on more financing for his Twitter acquisition and tying up less of his wealth in the deal, Reuters reported last week.
Ellison, a board member at Tesla and a self-described close friend of Musk’s has committed $1bn for the funding.
Twitter’s shares were up about 2.9% at $50.5 before the bell, still below Musk’s offer of $54.20.
Read more on theguardian.com
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