Elon Musk has secured $7.14 billion (roughly Rs. 54,485 crore) in funding from a group of investors that includes Oracle co-founder Larry Ellison to fund his $44 billion (roughly Rs. 3,37,000 crore) takeover of social-media platform Twitter, according to a filing on Thursday.
Musk revealed in a filing he had received equity commitment letters from investors including Sequoia Capital, Brookfield, Qatar Holding and others.
The move comes as Musk’s margin loan was reduced to $6.25 billion (roughly Rs. 47,700 crore) from $12.5 billion (roughly Rs. 95,419) announced earlier, the filing revealed.
Musk will continue to hold talks with existing holders of Twitter, including the company’s former chief Jack Dorsey, to contribute shares to the proposed acquisition, the filing showed.
Reuters last week reported Musk was in talks with large investment firms and high net-worth individuals about taking on more financing for his Twitter acquisition and tying up less of his wealth in the deal.
Earlier this week, it was reported that Elon Musk was in talks with large investment firms and high net-worth individuals about taking on more financing for his Twitter acquisition of $44 billion (roughly Rs. 3,37,000 crore). Most of Musk’s wealth is tied up in Tesla shares, of which he sold $8.5 billion (roughly Rs. 65,100 crore) to buy Twitter. He also reportedly pledged some of his Tesla shares to banks to arrange a $12.5 billion (roughly Rs. 95,700 crore) margin loan, but that should now be reduced with the new funding from investors.