According to a new filing, Oracle co-founder Larry Ellison, venture capital firm Sequoia, and cryptocurrency exchange platform Binance are among the investors who plan to back Elon Musk’s $44 billion takeover of Twitter.
According to the SEC filing, Musk has secured a total of $7.14 billion.
Ellison, the multibillionaire, has contributed $1 billion, making him the largest new backer, while Sequoia has contributed $800 million. Binance, which has undoubtedly benefited from Musk’s enthusiasm for cryptocurrency, has committed $500 million.
Qatar Holding, which has pledged $375 million, and Fidelity, which has pledged $316 million, are two other investment firms backing Musk’s bid.
Musk will be able to reduce the margin loan he has taken from $12.5 billion to $6.25 billion as a result of the new commitments.
- Elon Musk has made an offer to buy Twitter for $43 billion.
- A class action lawsuit has been filed against Elon Musk for his investment in Twitter.
Saudi Prince Alwaleed Bin Talal Abdulaziz Alsaud, who is already an investor in Twitter and initially rejected Musk’s deal, has pledged to buy 34,948,975 shares, worth around $1.7 billion.
The prince said April 14 that Musk’s bid for Twitter, which works out at $54.20 per share, comes close to the “intrinsic value” of the company given its “growth prospects.”
He added, “Being one of the largest & long-term shareholders of Twitter, @Kingdom_KHC & I reject this offer.”
Twitter’s stock is currently trading at around $50.
Here’s a look at the equity commitments:
