A group of nearly two dozen investors including Sequoia Capital, Andreessen Horowitz, crypto exchange Binance and asset management firm Fidelity are backing Elon Musk’s $44 billion bid to acquire Twitter. The Tesla and SpaceX chief executive said in a filing Thursday that he had raised over $7.1 billion in total from the investors.
Oracle co-founder Larry Ellison delivered the largest check, at $1 billion, the filing revealed. Sequoia has chipped in $800 million, VyCapital $700 million, Binance financed $500 million, and Andreessen Horowitz has invested $400 million, the amended 13D filing said. Notably, no investor has put in more than $1 billion and large PE firms are still MIA.
Among those backing Musk in the fresh financing is Qatar, which as you may remember, has a poor track record with free speech.
Additionally, Musk revealed that he is engaging with certain existing shareholders including Twitter co-founder and former chief executive Jack Dorsey to secure more funds.
Prince Al Waleed bin Talal Al Saud of Saudi Arabia has also committed to providing nearly 35 million shares in Twitter to retain a stake following the company’s takeover by Musk, the disclosure said.
As a result of the new investment, Musk said the margin loan of $12.5 billion he had received from Morgan Stanley and other banks has been cut to $6.25 billion. He also increased his total equity commitment to $27.25 billion.
This is a developing story. More to follow…
Source: Tech Crunch Social
Sequoia, Binance and a16z back Elon Musk’s billion Twitter bid