fbpx
Tuesday, May 17, 2022
No menu items!

Musk secures over $7 billion funding from investors including Larry Ellison

Elon Musk has secured $7.14 billion in funding from a group of investors that includes Oracle Corp co-founder Larry Ellison and Sequoia Capital to fund his $44 billion takeover of Twitter Inc according to a filing on Thursday (May 5).

Saudi Arabian investor Prince Alwaleed bin Talal, who had initially opposed the buyout, also agreed to roll his $1.89 billion stake into the deal rather than cashing out, the filing showed.

The move comes as Musk’s margin loan was reduced to $6.25 billion from $12.5 billion announced earlier, according to the filing.

Musk’s $21 billion financing commitment was also revised to $27.25 billion.

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.

Reuters last week reported 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.

Larry Ellison, a board member at Tesla and a self-described close friend of Elon Musk has committed $1 billion for the funding.

(Production: Kyoko Gasha)

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Mastercard trials paying with your face

You may not have to grab your wallet or phone to pay when you go to a...

Man shot dead in north Harris County

HARRIS COUNTY - Deputies are investigating after a man was shot and killed in north Harris County Monday night.

After NY supermarket massacre, investigators look for missed warning signs

An investigation into the shooting of more than a dozen people in Buffalo, New York, turned on Monday to whether early warning...

Amber Heard testifies Johnny Depp assaulted her on their honeymoon

"Aquaman" actor Amber Heard told jurors on Monday (May 16) that Johnny Depp slammed her against a wall and wrapped a shirt...

Super Blood Moon seen over the U.S.

In parts of the U.S., the moon took on a reddish orange appearance, dubbed a Super Blood Moon on Sunday (May 15)...

More Articles Like This