From investors
Musk raises $7 billion to buy Twitter
Elon Musk has secured additional funding from investors including Oracle co-founder Larry Ellison for his proposed $44 billion Twitter purchase. Photo: Susan Walsh/AP/dpa
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The purchase of the online network Twitter will cost Elon Musk a total of 44 billion dollars. Some well-known investors are already supporting the project with large sums.
Elon Musk has secured additional funding from investors including Oracle co-founder Larry Ellison for his proposed $44 billion Twitter purchase.
According to a US stock exchange announcement on Thursday, a total of around 7.14 billion dollars (6.8 billion euros) should come together.
In addition to billionaire Ellison, the sponsors include the venture capital firm Sequoia and the crypto exchange Binance. In addition, the Saudi Prince Alwaleed bin Talal wants to contribute his existing stake of around 1.9 billion dollars to Twitter. He had initially rejected Musk’s takeover plans.
Musk agreed to the takeover in April after days of bickering with Twitter’s board of directors. However, he is dependent on enough shareholders ceding their shares to him. If he succeeds, the Tesla boss wants to take Twitter off the stock exchange.
Musk had already set up a $46.5 billion financing framework for the deal with the help of banks like Morgan Stanley. Of that, however, $25.5 billion are loans, some of which are secured with his Tesla shares.
Musk initially wanted to raise up to $21 billion himself. He was still looking for other investors for this. That share has now been raised to $27.25 billion. At the same time, Musk reduced a loan from $12.5 billion to $6.25 billion.