Twitter: Musk Secures Over $7 Billion Funding Toward Takeover

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

The investors include billionaire businessman and Oracle Corp CEO, Larry Ellison, Saudi Arabian investor, Prince Alwaleed bin Talal and American venture capital firm, Sequoia Capital, reports Reuters.

This was made known in a Securities and Exchange Commission (SEC) filing on Thursday.

One of the new investors, Prince Alwaleed bin Talal, had initially opposed Musk’s buyout as he was a shareholder in the company. He is now onboard after agreeing to roll his $1.89 billion stake into the deal rather than cashing out.

The funding comes as Musk’s loan margin was reduced from $12.5 billion to $6.25 billion. His financial commitment was also reduced from $27.25 billion to $21 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.

It was reported last week that Musk had continued to hold talks with high net-worth individuals and large investment firms in a bid to secure more financing for the acquisition.

Larry Ellison, a board member and a long time investor at Tesla, has invested $1 billion for the deal. He has also described himself as a close friend of Musk.

Prior to this, THE WHISTLER reported when Musk sold $4 billion worth of Tesla stock in a sale that was likely going toward financing the Twitter purchase.

Musk sold 4.4 million shares which add up to 2.6% of his stake in the company.