Elon Musk has revealed that he has raised $ 7.14 billion in funding to buy Twitter for $ 44 billion from investors, including Oracle co-founder Larry Ellison, cryptocurrency exchange Binance and asset management companies Fidelity, Brookfield and Sequoia Capital.
With the new financing commitments, Musk will halve the margin on a loan it has taken with a group of creditors to $ 6.25 billion and increase its equity commitment to $ 27.25 billion. The rest of the purchase price will be paid with debt collected from world banks.
The biggest new support for his purchase comes from Ellison, who contributed $ 1 billion. Venture capital firm Sequoia is providing $ 800 million, while Dubai-based technology investment company VyCapital is providing $ 700 million. Binance provides $ 500 million.
Saudi Prince Alwaleed bin Talal bin Abdulaziz Alsaud, who is already a Twitter investor, will invest 35 million shares in the trade, which is equivalent to $ 1.9 billion in the offer price.
Musk also revealed that he is working to attract additional equity investors, including Twitter co-founder billionaire Jack Dorsey, by allowing existing shareholders to contribute their shares for the buyout.
He added in the documentation that any additional contributions could replace parts of the funding commitments previously agreed.
More to come. . .
Add Comment