Larry Ellison and other investors pump over $7 bln into Musk’s Twitter takeover bid

Elon Musk has secured $7.14 billion in funding from a group of investors to fund his $44 billion takeover of Twitter.

The investors includes Oracle Corp co-founder Larry Ellison, Sequoia Capital, and Saudi Arabian investor Prince Alwaleed bin Talal.

The Saudi Princ had initially opposed the buyout but agreed to roll his $1.89 billion stake into the deal rather than cashing out.

Musk’s margin loan has been reduced to $6.25 billion from $12.5 billion announced earlier and his $21 billion financing commitment has also been 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.

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.

Larry Ellison, a board member of Tesla, has committed $1 billion for the funding.

Share: