Elon Musk acquired $7.14 billion in funding for Twitter
According to a filing on Thursday, Elon Musk has obtained $7.14 billion in funding from a group of investors that includes Oracle Corp co-founder Larry Ellison to fund his $44 billion takeover of social-media platform Twitter Inc.
In a filing, Musk disclosed that he had received equity commitment letters from investors such as Sequoia Capital, Brookfield, Qatar Holding, and others.
The move comes as Musk’s margin loan was reduced from $12.5 billion to $6.25 billion, according to the filing.
According to the filing, Musk will continue to negotiate with existing Twitter shareholders, including the company’s former CEO Jack Dorsey, to contribute shares to the proposed acquisition.
Musk has also won the backing of fellow entrepreneur and Oracle Corp. co-founder Larry Ellison, who owns a significant stake in Tesla and serves on its board of directors. Ellison’s trust has pledged $1 billion to Musk’s takeover.
In pre-market trading, Twitter shares rose 2.5 percent.