Musk got another $7 billion from friends and investors to buy Twitter
source link: https://www.cnbc.com/2022/05/05/larry-ellison-sequoia-and-binance-to-help-musk-to-pay-for-twitter.html
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
Elon Musk got another $7 billion from friends and investors to buy Twitter
- The SEC filing, published Thursday, shows that Ellison is contributing $1 billion, while Sequoia is contributing $800 million.
- Binance, which has no doubt benefited from Musk’s love of crypto, has committed $500 million.
- Other investment firms backing Musk’s bid include Qatar Holding, which is contributing $375 million, and Fidelity, which has pledged $316 million.
In this article
A new filing shows that Oracle co-founder Larry Ellison, venture capital firm Sequoia and crypto exchange platform Binance are among a cohort of investors that plan to support Elon Musk’s $44 billion Twitter takeover.
The SEC filing, published Thursday, shows that Musk has secured $7.14 billion in total.
Multibillionaire Ellison is contributing $1 billion, making him the biggest new backer, while Sequoia is contributing $800 million. Binance, which has no doubt benefited from Musk’s love of crypto, has committed $500 million.
Other investment firms backing Musk’s bid include Qatar Holding, which is contributing $375 million, and Fidelity, which has pledged $316 million.
The new commitments will help Musk to cut the margin loan he has taken from $12.5 billion to $6.25 billion.
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:
Recommend
About Joyk
Aggregate valuable and interesting links.
Joyk means Joy of geeK