Elon Musk secured $7.14 billion in funding his takeover of Twitter from a group of investors that includes Larry Ellison, Sequoia Capital and crypto exchange platform Binance, according to a new filing.
Oracle’ co-founder Ellison is contributing $1 billion, making him the biggest new backer. No surprise for the billionaire who is also a board member at Tesla and Musk’s close friend.
The next two top investors are Sequoia, with $800 million, and Binance reaching $500 million.
According to the filling, Saudi Prince Alwaleed Bin Talal Abdulaziz Alsaud, already an investor in Twitter who initially rejected Musk’s deal when the blockbuster deal broke the news, has pledged around $1.8 billion ending weeks of speculation that he would cash out.
Other investment firms backing Musk’s bid include Qatar Holding, which is contributing $375 million, and Fidelity, which has pledged $316 million.
The new commitments will help Musk to cut the margin loan he has taken from $12.5 billion to $6.25 billion.
According to reports, Musk has been in talks with investment firms and billionaires on financing his Twitter acquisition.
Only hour after the filling was public CNBC reported that Elon Musk is expected to serve as a temporary CEO of Twitter for a few months.
Twitter CEO Parag Agrawal took over the helm from Tim Dorsey just last November.