Elon Musk’s takeover of Twitter – Elon Musk raises over $7 billion to fund Twitter takeover

Elon Musk said he received $7.14 billion to finance the takeover of Twitter, listing Oracle co-founder Larry Ellison and Saudi prince and businessman Alwaleed bin Talal as investors.A document sent on Wednesday to the US stock market cop, the SEC, the boss of Tesla and SpaceX, names a total of 19 investors who have agreed to contribute to the acquisition of the social network. Multibillionaire Larry Ellison, who co-founded computer giant Oracle and sits on Tesla’s board of directors, will bring in $1 billion. Investment funds Sequoia Capital ($800 million), Vy Capital ($700 million) and Brookfield ($500 million) are also among the top contributors. Prince bin Talal, for his part, will lend about 35 million of his shares to Twitter after the takeover is completed to maintain a stake in the company, which Musk wants to delist. The contributions will allow the South African-born entrepreneur and the world’s richest man to cut his margin loan with Morgan Stanley and other financial institutions from $12.5 billion to $6.25 billion. A margin loan allows a borrower to increase their credit by pledging assets as collateral. In Mr. Musk’s case, it’s his Tesla shares. At the same time, the share of the acquisition of Twitter, financed by Mr. Musk and cash, will rise to $27.25 billion from $21 billion previously. Mr. Musk also told the SEC that he continues to seek other sources of funding from Twitter shareholders, including platform founder and former boss Jack Dorsey. (Belga)

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