Elon Musk Secures $7.1 Billion For Twitter Deal
According to a securities filing on Thursday, multibillionaire Elon Musk has raised $7.1 billion for his acquisition of social media giant Twitter. Investors reportedly include Oracle founder Larry Ellison and Saudi Prince Alwaleed bin Talal.
According to the filing, Musk listed 18 investors who agreed to cash investments. Amongst them are Ellison who agreed to $1 billion, Sequoia Capital who agreed to $800 million, and Vy Capital who agreed to $700 million. Meanwhile, Saudi Prince Alwaleed bin Talal agreed to contribute approximately 35 million Twitter shares worth $1.9 billion to retain a stake in the platform post-acquisition.
The investments will see a $12.5 billion margin loan organised through Morgan Stanley and other banks to $6.25 billion. The investments also mean that fewer of Musk’s Tesla shares will be used as collateral under the loan.
Musk’s takeover of Twitter is expected to be completed by the end of this year.