May 05, (THEWILL) – World richest man, Elon Musk, on Thursday, revealed that he has secured $7 billion in new funding commitments for his $44 billion Twitter takeover.
He confirmed receipt of letters committing a total of about $7.139 billion in equity from 18 investors, the biggest being the Saudi Prince, Alwaleed bin Talal.
Others include A.M. Management & Consulting, AH Capital Management, L.L.C, Binance, Aliya Capital Partners LLC, BAMCO, Inc. (Baron), Brookfield, DFJ Growth IV, Partners, LLC, Fidelity Management & Research Company LLC, and Honeycomb Asset Management LP.
Key Wealth Advisors LLC, Lawrence J. Ellison Revocable Trust, Litani Ventures, Qatar Holding LLC, Sequoia Capital Fund, L.P, Strauss Capital LLC, Tresser Blvd 402 LLC (Cartenna), VyCapital, and Witkoff Capital are also among the proposed investors, according to the US Securities and Exchange Commission (SEC)13D filing released on Thursday.
“The biggest contribution comes from the Saudi Prince, Alwaleed bin Talal, the head of the Kingdom Holding Company conglomerate, who agreed to retain a share in Twitter valued at $1.9 billion following Mr Musk’s takeover”, the filing said.
On April 14, 2022 Mr Musk said he had offered to buy 100 percent of Twitter for $54.20 per share in cash.
Upon completion of Twitter’s sale, the company will become privately held.
The new funding will enable Mr Musk to cut the margin loan he has taken from $12.5 billion to $6.25 billion, according to the filing.
Mr Musk currently owns 73,486,938 shares of Twitter, which represents a 9.2 percent stake in the company, according to the US Securities and Exchange Commission (SEC) 13G filing.
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
