Tesla CEO, Elon Musk, on Thursday announced he has secured $7 billion in new funding commitments for his $44 billion Twitter takeover.
Mr Musk received letters committing about $7.139 billion in equity from 18 investors, including A.M. Management & Consulting, AH Capital Management, L.L.C, Binance, Aliya Capital Partners LLC, BAMCO, Inc. (Baron), Brookfield, DFJ Growth IV, Partners, LLC, Fidelity Management & Research Company LLC, and Honeycomb Asset Management LP.
Others include Key Wealth Advisors LLC, Lawrence J. Ellison Revocable Trust, Litani Ventures, Qatar Holding LLC, Sequoia Capital Fund, L.P, Strauss Capital LLC, Tresser Blvd 402 LLC (Cartenna), VyCapital, and Witkoff Capital, according to the US Securities and Exchange Commission (SEC)13D filing released on Thursday.
The biggest contribution comes from the Saudi Prince, Alwaleed bin Talal, the head of the Kingdom Holding Company conglomerate who agreed to retain a share in Twitter valued at $1.9 billion following Mr Musk’s takeover, the filing said.
Mr Musk currently owns 73,486,938 shares of Twitter, which represents a 9.2 per cent stake in the company, according to the US Securities and Exchange Commission (SEC)13G filing.
On April 14, Mr Musk said he had offered to buy 100 per cent of Twitter for $54.20 per share in cash.
Upon completion of Twitter’s sale, the company will become privately held.
The new funding will enable Mr Musk to cut the margin loan he has taken from $12.5 billion to $6.25 billion, according to the filing.
Support PREMIUM TIMES’ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
Donate
TEXT AD: To place an advert here . Call Willie – +2348098788999
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here