Tesla’s CEO Elon Musk secured $7.1 billion in new funding from more than a dozen investors to help finance his $44 billion acquisition of Twitter.
Oracle co-founder and Tesla board member Larry Ellison committed $1 billion, making him Musk’s biggest private equity partner for the deal, according to a Thursday SEC filing.
As reported by Fox News, other contributions include $800 million from venture capital firm Sequoia Capital, $700 million from VyCapital, $500 million from cryptocurrency exchange Binance, $400 million from Andreesen Horowitz Capital Management, $375 million from Qatar, approximately $316 million from Fidelity, and $250 million from Brookfield Asset Management.
Saudi Prince Alwaleed Bin Talal Bin Alsaud also agreed to retain his 34,948,975 Twitter shares, worth approximately $1.9 billion, after previously saying Musk's $54.20 per share offer did not come close to the "intrinsic value" of Twitter.
As a result of the new commitments, Musk's margin loan financing has been reduced from $12.5 billion to $6.25 billion, while his equity financing has increased from $21 billion to $27.25 billion.
