Elon Musk gets over $7 billion for his Twitter takeover, Corporate News

(Adds investor details, background)

May 5 (Reuters) – Elon Musk has secured $7.14 billion (6.76 billion euros) in funding from a group of investors including Oracle Corp co-founder Larry Ellison and Sequoia Capital to fund its $44 billion takeover of Twitter, according to a filing Thursday.

A Saudi investor, Prince Al-Walid bin Talal, who initially opposed the takeover, also agreed to include his $1.89 billion stake in the deal, according to the document filed with the body. US federal regulator and supervisor of financial markets.

The move comes as Elon Musk’s margin loan has been reduced to $6.25 billion from the previously announced $12.5 billion, according to the document.

Elon Musk’s $21 billion financial commitment has also been revised to $27.25 billion.

Tesla’s chief executive will continue to negotiate with Twitter’s current shareholders, including its co-founder and former chief executive Jack Dorsey, to contribute their shares to the proposed acquisition, according to the document.

Qatar Holding and Vy Capital, based in Dubai, also an investor in The Boring Company, Elon Musk’s other company, are also part of the group.

Last week, Reuters reported that the billionaire was in talks with investment funds and big money to secure more funding for his acquisition of Twitter, reducing the scale of his personal financial commitment to the deal. .

Tesla board member Larry Ellison, who describes himself as a close friend of Elon Musk, has pledged $1 billion. (Report Nivedita Balu in Bangalore, French version Augustin Turpin)

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