Home Nigeria Elon Musk gets $7bn backing from Binance, Oracle for Twitter takeover

Elon Musk gets $7bn backing from Binance, Oracle for Twitter takeover

0

 

Elon Musk
Elon Musk

Elon Musk, the billionaire founder of Tesla Inc., has raised over $7.1 billion from friends and investors to help acquire Twitter.

The details are contained in a filing on the US Securities and Exchange Commission.

Last month, Musk agreed to buy Twitter Inc. for $44 billion in a deal that will ensure investors receive $54.20 for each Twitter share they own.

According to the SEC filing, Prince al-Waleed bin Talal of Saudi Arabia, who agreed to retain his nearly $1.9 billion stakes, is the biggest contribution.

Binance is the second-highest investor, with a $500 million in equity.

The investors and their commitments are as follows; A.M. Management & Consulting, ($25,000,000), AH Capital Management, L.L.C. (a16z), ($400,000,000), Binance ($500,000,000), Aliya Capital Partners LLC ($360,000,000), BAMCO, Inc. (Baron) ($100,000,000), Brookfield ($250,000,000), DFJ Growth IV, Partners, LLC ($100,000,000), Fidelity Management & Research Company LLC ($316,139,386), and Honeycomb Asset Management LP ($5,000,000).

Others include Key Wealth Advisors LLC ($30,000,000), Lawrence J. Ellison Revocable Trust ($1,000,000,000), Litani Ventures ($25,000,000), Qatar Holding LLC ($375,000,000), Sequoia Capital Fund, L.P. ($800,000,000), Strauss Capital LLC ($150,000,000), Tresser Blvd 402 LLC (Cartenna)($8,500,000), VyCapital ($700,000,000), and Witkoff Capital ($100,000,000).

The new commitments will help Musk cut the margin loan he has taken from $12.5 billion to $6.25 billion.

Thecable.ng

QUICK SHARE:

LEAVE A REPLY

Please enter your comment!
Please enter your name here