Elon Musk has received over $7 billion from investors looking to back his $44 billion bid for Twitter, according to a new SEC filing that was published on Thursday.
Per the filing, the billionaire and CEO of Tesla received $7.14 billion in total from a bunch of individual investors and venture capital firms. They include cryptocurrency platform Binance, venture capital firm Sequoia Capital, Oracle’s co-founder Larry Ellison, Qatar Holding, Fidelity, etc.
Contributing $1 billion, Oracle’s Larry Ellison is Elon Musk’s biggest supporter. Sequoia Capital pledged $800 million and Binance is contributing $500 million. Qatar Holding is contributing $375 million and Fidelity, $316 million.
“We’re excited to be able to help Elon realize a new vision for Twitter. We hope to be able to play a role in bringing social media and web3 together and broadening the use and adoption of crypto and blockchain technology,” Binance founder and chief executive Changpeng Zhao said in a statement.
Per the SEC filing, Saudi Arabia’s Prince Al Waleed bin Talal Al Saud will be committing about 35 million shares in Twitter and will retain a stake in the company after it has been taken over by Elon Musk. The Saudi prince is a long-term Twitter investor and had been against the Elon Musk takeover after Elon Musk made his intention to acquire Twitter known.
Elon Musk says he’s in talks with specific Twitter shareholders including Jack Dorsey to provide them the option to keep their shares under his ownership.
The new financing received by Elon Musk will help him to cut down the margin loan of $12.5 billion he had received from Morgan Stanley to $6.25 billion.
Below is the full list of commitments by investors.
Last week Elon Musk sold 4.4 million of his Tesla shares. The billionaire through Aaron Beckman, his power of attorney, filed a total of five Form 4s with the United States Securities and Exchange Commission (SEC) to cover all 138 individual transactions. The filing failed to state Elon Musk’s reasons for selling his shares. In a tweet he shared later that day, CEO Elon Musk revealed that he wasn’t planning to continue Tesla shares. “No further TSLA sales planned after today,” he tweeted.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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