Elon Musk Secures $7.1 Billion in New Financing for Twitter

EAccording to a Thursday filing, lon Musk secured $7.1 billion in new financing commitments to finance his $44 billion proposed takeover of Twitter Inc.

As the billionaire Tesla Inc. marshals capital, the commitments will be used to fund one of the most significant tech industry acquisitions. The investors named in the filing include Binance, Brookfield, Fidelity Management & Research, Lawrence J. Ellison Revocable Trust and Qatar Holding.

Twitter shares increased 2.3% during pre-market trades. Musk and Jack Dorsey are currently in talks to discuss the possibility of Musk contributing shares towards the acquisition. Also, the company announced that an earlier-announced margin loan was reduced from $12.5 billion to $6.25 Billion.

The world’s wealthiest man reached an agreement on April 25 to acquire Twitter using a financing plan that’s alarmed some Tesla investors. Musk also pledged tens and billions of dollars in Tesla shares as margin loans support, but vowed that he would raise around $21 billion equity. It’s been unclear how much of that would come from selling a portion of his Tesla stake. To finance this deal, Musk sold Tesla stock worth more than $8.5 Billion.

—With assistance from Giles Turner.

Read More From Time

Get in touchSend your letters to


Related Articles

Back to top button