Friday May 6 2022 11:47
1 min
Tesla (TSLA) CEO Elon Musk has secured $7.1 billion in funding for his proposal to buy Twitter for $44 billion, a Securities and Exchange Commission (SEC) filing showed on Thursday.
Among the most prominent equity investors named in the filing are the cryptocurrency exchange Binance which gave Musk $500 million and former Oracle Corp. CEO Lawrence Ellison who contributed $1 billion.
Saudi Arabia’s Prince Alwaleed bin Talal Abdulaziz Alsaud was another name listed on the equity investor lists who pledged to purchase 34,948,975 shares in the company, worth around $1.7 billion.
The prince, who is already a Twitter investor, first opposed Musk’s bid to buy Twitter on 14 April noting that the billionaire did not understand the application’s growth prospects. However, he soon changed his mind, calling Musk an “excellent leader” for Twitter.
Qatar Holdings LLC, Aliya Capital Partners LLC and VyCapital were some of the other firms that also pledged a sum.
On 21 April, in a different SEC filing it was noted that Musk had agreements from banks and other entities “committing to provide an aggregate of approximately $46.5 billion” in financing for his potential acquisition of the platform.
Twitter (TWTR) stocks have been up over 2% in the early hours of the morning following the announcement, currently trading at over $50 a share.
Musk has previously stated that his goal for the buyout has nothing to do with profit. He wants to make Twitter the best platform for “free speech around the globe” noting that the social media site has “extraordinary potential” which he plans to unlock.
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