24.1 C
Basseterre
Sunday, December 4, 2022
HomeBusinessMusk secures over $7 bln funding from investors including Larry Ellison

Musk secures over $7 bln funding from investors including Larry Ellison

spot_img

May 5 (Reuters) – Elon Musk has secured $7.14 billion in funding from a group of investors that includes Oracle Corp (ORCL.N) co-founder Larry Ellison and Sequoia Capital to fund his $44 billion takeover of Twitter Inc (TWTR.N), according to a filing on Thursday.

Saudi Arabian investor Prince Alwaleed bin Talal, who had initially opposed the buyout, also agreed to roll his $1.89 billion stake into the deal rather than cashing out, the filing showed.

The move comes as Musk’s margin loan was reduced to $6.25 billion from $12.5 billion announced earlier, according to the filing.

Musk’s $21 billion financing commitment was also revised to $27.25 billion.

Musk will continue to hold talks with existing shareholders of Twitter, including the company’s former chief Jack Dorsey, to contribute shares to the proposed acquisition, the filing showed.

Qatar Holding and Dubai-based Vy Capital, also an investor in Musk’s other venture The Boring Company, are also part of the investor group.

Reuters last week reported Musk was in talks with large investment firms and high net-worth individuals about taking on more financing for his Twitter acquisition and tying up less of his wealth in the deal.

Larry Ellison, a board member at Tesla and a self-described close friend of Elon Musk has committed $1 billion for the funding.

Twitter’s shares were up about 2.9% at $50.5 before the bell, still below Musk’s offer of $54.20.

Reporting by Nivedita Balu in Bengaluru; Editing by Shounak Dasgupta

MAKANA FERRY SCHEDULE

spot_img
spot_img
spot_img

Most Popular

spot_img
Advertisement
Contact a Program
If you are interested in a program or advertising, send us a message.
Send Message
Signup for our Newsletter
We'll only be in touch when we've something exciting to share.
We never share your details
No thanks
Subscribe