Elon Musk gets $7Bn funding in new financing round for buying Twitter
Category: #headlines  By Pankaj Singh   Date: 2022-05-07
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Elon Musk gets $7Bn funding in new financing round for buying Twitter

Elon Musk, the CEO of Tesla, has recently raised around $7.1 billion of new financing from some of the largest investors in the world for his proposed takeover of Twitter for $44 billion. Musk was also expected to serve as a temporary CEO of Twitter for some time after the deal gets completed.

The equity commitments are made as the Tesla CEO is arranging capital and expects to roll out one of the major takeovers of the tech industry.

Reportedly, the recently filed investors include crypto exchange Binance, Fidelity Management & Research, Brookfield Asset Management, and Qatar Holding.

Musk has also won the support of Larry Ellison, the co-founder of Oracle, who holds a big stake in Tesla and a seat on its board. The Ellison’s trust has also pledged $1 billion to back Musk’s takeover.

Alwaleed bin Talal, Saudi Prince and chairman of the board at Kingdom Holding Company and the largest backer of Twitter, has also agreed to pledge around 35 million shares in Twitter, valued at $1.9 billion, to hold a stake in the company amid Musk’s takeovers.

Earlier, the Twitter bid was rejected by Alwaleed, as he stated that it was not close to the fundamental values of Twitter.

Musk is also talking with Jack Dorsey, Twitter co-founder, asking him to contribute some of his shares toward the acquisition.

Apart from these investors, the latest supporters of Musk include a set of traditional asset managers, one of the world’s largest pools of capital, venture capital firms, and boutique hedge funds. Qatar Holding, a component of the nation’s wealth fund, has also agreed to devote $375 million.

Marc Andreessen, Silicon Valley venture capitalist, has also agreed to devote $400 million through his A16Z fund. While Fellow venture firm Sequoia Capital will double that, with $800 million.

Source Credit - https://www.business-standard.com/article/companies/elon-musk-secures-over-7-bn-funding-in-new-financing-for-twitter-buy-122050600035_1.html

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