Inching closer: To buy Twitter for $44 bn, Elon Musk raises $7.14 bn from Binance, Oracle's Larry Ellison
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Oracle co-founder Larry Ellison has paid $1 billion, Venture capital firm Sequoia gave $800 million, Dubai-based tech investment firm VyCapital is pitching with $700 million and Binance has contributed with $500 million
In an attempt to accumulate $44 billion to buy Twitter, billionaire Elon Musk has already raised $7.14 billion from investors, Tesla CEO revealed.
The investors include crypto exchange Binance, Oracle co-founder Larry Ellison, asset management firms, Brookfield, Fidelity and Sequoia Capital, said media reports.
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Now, the SpaceX head needs to raise $21 billion of equity to fund his takeover of the social media platform. And a substantial amount of debt and loans from global banks is also need in this regard.
Ellison has paid $1 billion, Venture capital firm Sequoia gave $800 million, Dubai-based tech investment firm VyCapital is pitching with $700 million and Binance has contributed with $500 million.
Not just this, Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, who is already an investor in Twitter, will also roll 35 million shares into this bid vehicle. It equates to a $1.9 billion stake at the offer price.
Watch: End of free Twitter? Tesla CEO Elon Musk suggests raft of changes to Twitter
Earlier, Tesla CEO Elon Musk sold 4.4 million shares of the electric carmaker, US securities filings showed on Thursday. The shares are worth USD 8.5 billion. This mover from the billionaire is likely to help him to generate funds for his proposed acquisition of Twitter.
In a tweet, Musk said that there were no plans to share more Tesla shares.
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(With inputs from agencies)