Elon Musk has managed to secure $7.1 billion from investors interested in partaking in the $44 billion Twitter deal. Just days after the announcement, reports had surfaced that Musk was looking for potential investors in the deal. His effort has yielded in some of the big players joining the deal.

Details about the investors have been revealed in a filing with the U.S. Securities and Exchange Commission (SEC). The names and their respective contributions are detailed in the listing released on Thursday. Some of the prominent names in the deal includes crypto exchange Binance and even Sequoia Capital Fund, L.P,Qatar Holding LLC and others.

The highest contribution comes from Lawrence J. Ellison Revocable Trust, which has agreed to commit $1 billion to finance the Twitter deal. The trust is owned by Oracle Corp. co-founder Larry Ellison. He also has a stake in Tesla and also a board member of the EV manufacturer.

Another big development revealed in the same filing is that one of Twitter’s biggest shareholders Saudi Prince Alwaleed bin Talal of Kingdom Holding Company has agreed to participate in Musk’s takeover and will roll over his shares despite the switch in ownership. Earlier, he had rejected to do so. With the latest round of investments, Musk has managed to secure an additional $7.1 billion for the Twitter deal.

Here is the list of equity investors that have committed to the deal so far: 

 Former Twitter CEO Jack Dorsey is also yet to decide about his shareholding in the micro-blogging platform. He has the option to either sell off his stake at $54.20 per share or roll over his shares to the entity bought by Elon Musk.

Elon Musk has planned to invest almost $21 billion of capital in the form of equity. The business tycoon has also liquidated $8.5 billion worth of his shares in Tesla to finance the deal.

A recent WSJ report suggested that Musk is planning to take Twitter public again within a three-year period. The information was sourced from people familiar with the pitch Musk has been offering to potential investors. There’s no confirmation regarding the same from Musk or any of the investors.

The post Elon Musk-Twitter deal: Tesla CEO secures $7.1 billion in new financing appeared first on BGR India.

Go to Source

Leave a Reply

Your email address will not be published.