Elon Musk has secured $7.14 billion in funding from a group of nearly two dozen investors including Larry Ellison, Andreessen Horowitz and Sequoia Capital to back his $44 billion bid to acquire Twitter.
According to a filing, Saudi Arabian investor Prince Alwaleed bin Talal has become the biggest contributor by rolling his $1.89 billion stake into the deal. Larry Ellison agreed to put in $1 billion, Sequoia $800 million, VyCapital $700 million, Binance promised $500 million, and Andreessen Horowitz invested $400 million.
3/While Twitter has great promise as a public square, it suffers from a myriad of difficult issues ranging from bots to abuse to censorship. Being a public company solely reliant on an advertising business model exacerbates all of these.— benahorowitz.eth (@bhorowitz) May 5, 2022
As a result of the new commitments, Elon Musk’s margin load was reduced to $6.25 billion from $12.5 billion and the takeover will now be financed by $27.25 billion. Musk is also in talks to bring more current Twitter shareholders, including co-founder Jack Dorsey, into the company after the takeover.
According to CNBC, Elon Musk is expected to serve as a temporary CEO of Twitter for a few months after he completes his $44 billion takeover of the social media company.