Tesla chief raises $7bn from new investors for takeover of social media platform
Elon Musk has revealed that he has raised $7.14bn of funding for his $44bn buyout of Twitter, from investors including Oracle co-founder Larry Ellison, crypto exchange Binance and asset management firms Fidelity, Brookfield and Sequoia Capital.
With the new financing commitments, Musk will cut the margin loan he has taken with a group of lenders by half to $6.25bn and increase the equity commitment to $27.25bn. The remainder of the purchase price will be paid with debt raised from global banks.
The biggest new backing for his purchase comes from Ellison, who is contributing $1bn. Venture capital firm Sequoia is providing $800mn, while Dubai-based tech investment firm VyCapital is giving $700mn. Binance is providing $500mn.
Read more: FT
