Find Latest Articles on Crypto, Blockchain and Regulations Worldwide.
$ 24,123.46
$ 1,892.35
$ 0.999577
$ 0.997543
$ 325.76
$ 0.380306
$ 0.533550
$ 0.998863
$ 43.15
$ 9.25

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.

In this photo illustration, Twitter account of Elon Musk is seen on a smartphone screen and Twitter logo in the background.

Pavlo Gonchar | Lightrocket | Getty Images

Saudi Prince Alwaleed Bin Talal Abdulaziz Alsaud, who is already an investor in Twitter and initially rejected Musk’s deal, has pledged to buy 34,948,975 shares, worth around $1.7 billion.

The prince said 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.

Here’s a look at the equity commitments:

Source link

Leave A Reply

Your email address will not be published.