Elon Musk secures over $7 bln financing for Twitter deal: Report

06/05/2022 Argaam

Elon Musk got more than $7 billion financing to back his takeover bid for Twitter Inc. and close the $44 billion deal, according to a report.

 

The US billionaire assembled a group of investors including Larry Ellison, co-founder of the software giant, Oracle Corporation, secured financing of $7.14 billion, Reuters reported citing a disclosure.

 

Tesla Inc.’s CEO received commitment letters from a group of investors, including Brookfield and Sequoia Capital Fund, as Musk aims to raise $21 billion to finance the takeover of the social media company.

 

As a result of the new financing commitments, Musk said the $12.5 billion margin loan he had received to buy Twitter has been reduced to $6.25 billion, the disclosure added. Musk added that he is in talks with Twitter founder Jack Dorsey, and other shareholders, about the possibility of their contributing shares of common stock to retain an equity investment following the deal closure.

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