Tech

Ellison, Binance and Sequoia back Musk’s $44bn bid for Twitter

Elon Musk has announced that he has raised $7.14 billion in funding for his $44 billion buyout of Twitter from investors including Oracle co-founder Larry Ellison, crypto exchange Binance, and wealth management firms Fidelity, Brookfield, and Sequoia Capital raised.

With the new funding commitments, Musk will reduce the margin loan he raised with a group of lenders by half to $6.25 billion and increase the equity commitment to $27.25 billion. The remainder of the purchase price will be paid with debt raised by global banks.

The biggest new support for his purchase comes from Ellison, who is contributing $1 billion. Venture capital firm Sequoia is providing $800 million, while Dubai-based technology investment firm VyCapital is providing $700 million. Binance pledges $500 million.

Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, who is already a Twitter investor, will roll 35 million shares into the offering vehicle for a stake of $1.9 billion at the offering price.

Musk also announced that he is working to attract additional equity investors, including billionaire Twitter co-founder Jack Dorsey, by allowing existing shareholders to contribute their stakes to the acquisition.

He added in the filing that any further contributions could replace parts of previously agreed funding commitments.

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Ellison, Binance and Sequoia back Musk’s $44bn bid for Twitter Source link Ellison, Binance and Sequoia back Musk’s $44bn bid for Twitter

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