Elon Musk raises $7.1 billion to fund Twitter acquisition

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Musk raises $7.1 billion to fund Twitter acquisition

Elon Musk has raised $7.1 billion for his Twitter takeover from investors including Oracle founder Larry Ellison and Saudi Prince Alwaleed Bin Talal, according to a securities filing on Thursday (May 5).

Tesla and SpaceX CEO Elon Musk named 18 investors that had agreed to cash commitments, including Ellison ($1 billion), Sequoia Capital ($800 million), and Vy Capital ($700 million).

According to Agence France-Presse, the Saudi prince agreed to invest roughly 35 million Twitter shares worth $1.9 billion in order to keep a stake in the company after the takeover.

Alwaleed had previously dismissed Musk’s $54.20 per share offer as too cheap, but on Thursday he applauded Musk on Twitter, writing, “I look forward to rolling our $1.9 billion in the ‘new’ @Twitter and join you on this exciting journey.”

According to the filing, the investments will lower a $12.5 billion margin loan arranged by Morgan Stanley and other banks to $6.25 billion.

With the additional funding, Musk’s Tesla shares will be used as collateral for the margin loan less frequently.

According to the document, Musk may receive additional finance commitments to fund additional sections of the entire Merger Consideration and he’s in negotiations with former Twitter CEO Jack Dorsey and others about contributing shares to keep an equity interest. KMB/Expat Media


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