Elon Musk Secures $7 Billion in New Twitter Financing, May Become Interim CEO: Report
After reports last month said Tesla CEO Elon Musk was looking for co-investors to help him buy Twitter, a new filing shows a few specific firms and businesses the billionaire gained funding from.
Musk got an extra $7.14 billion from new investors to help fund his Twitter takeover, according to a filing on Thursday reported by CNBC.
The news was published on Thursday in a filing with the Securities and Exchange Commission (SEC), showing a handful of investment firms and companies taking part in the buyout.
Among those contributing were Oracle co-founder Larry Ellison, venture capital firm Sequoia and cryptocurrency trading company Binance.
The filing also shows that Musk garnered financial support from other investors such as Qatar Holding and Fidelity.
Ellison is investing the most at $1 billion, though Sequoia is not far behind, contributing $800 million. Binance will invest $500 million, while Qatar Holding and Fidelity have pledged $375 million and $316 million, respectively.
Check out the full list of equity investors lined up by Musk, below:
The funding lets Musk reduce the margin loan he took out for the endeavor from $12.5 billion to $6.25 billion.
In a separate report, sources tell CNBC Musk is expected to become Twitter’s CEO temporarily after the deal is done.
A report earlier this week said that Musk could take Twitter public again in just three years through an initial public offering (IPO).
Musk’s early Twitter takeover plans included cutting costs and even potential job cuts, though it’s not yet clear how exactly either would be handled.