Elon Musk managed to cut his margin loan from the original $ 12.5 billion versus his stake in Tesla to $ 6.25 billion, thanks to some generous investors supporting the tycoon’s acquisition of Twitter.
the New York Times reports that Musk secured $ 7.14 billion in funding from a circle of investors including Oracle co-founder Larry Ellison to finance the $ 44 billion deal.
Musk, who is the richest person in the world, currently holds a net worth of approximately $ 265.4 billion.
It has also reportedly received equity commitment letters from investors such as Sequoia Capital, Brookfield, Qatar Holding, and others.
According to security documents on Thursday, 19 investors, including Saudi billionaire Prince Alwaleed Bin Talal Bin Abdulaziz Al-Saud, pledged funds.
The Saudi royal initially turned down Musk’s takeover bid, but the prince appears to have changed his mind and is now apparently willing to contribute 35 million of his own Twitter shares – worth $ 1.9 billion – to keep an investment once Musk has deprived the company. according to archives.
Ellison, the seventh richest person with a net worth valued at $ 105.7 billion, is willing to invest $ 1 billion, while Sequoia has pledged $ 800 million, the filing shows.
VyCapital ($ 700 million), cryptocurrency exchange firm Binance ($ 500 million) and venture capitalist Andreessen Horowitz ($ 400 million) have also pledged funds.
Moss will continue to hold talks with current Twitter holders, including former company boss Jack Dorsey, to contribute shares to the proposed acquisition.
Tuesday the Wall Street newspaper reported that Musk has told investors that he aims to bring the company back to the stock exchange within three years of the acquisition.
Compiled by Narissa Subramoney