Elon Musk got another $7 billion from friends and investors to buy Twitter
A new filing shows that Oracle co-founder Larry Ellison, venture capital firm Sequoia and crypto exchange platform Binance are among a cohort of investors that plan to support Elon Musk’s $44 billion Twitter takeover.
The SEC filing, published Thursday, shows that Musk has secured $7.14 billion in total.
Multibillionaire Ellison is contributing $1 billion, making him the biggest new backer, while Sequoia is contributing $800 million. Binance, which has no doubt benefited from Musk’s love of crypto, has committed $500 million.
Other investment firms backing Musk’s bid include Qatar Holding, which is contributing $375 million, and Fidelity, which has pledged $316 million.
The new commitments will help Musk to cut the margin loan he has taken from $12.5 billion to $6.25 billion.
Saudi Prince Alwaleed Bin Talal Abdulaziz Alsaud, who is already an investor in Twitter, has pledged to buy 34,948,975 shares, worth around $1.7 billion.
The prince said on April 14 that Musk’s bid for Twitter, which works out at $54.20 per share, comes close to the “intrinsic value” of the company given its “growth prospects.”
He added: “Being one of the largest & long-term shareholders of Twitter, @Kingdom_KHC & I reject this offer.”
Twitter’s stock is currently trading at around $50.