Elon Musk gets another $7 billion backing for his Twitter deal

Elon Musk gets another $7 billion backing for his Twitter deal

  • Elon Musk has secured an additional $7.1 billion in backing for his proposed takeover of Twitter, according to a regulatory filing.
  • Musk said in a previous filing that he had already secured $46.5 billion in funding.
  • Among the new backers is Saudi Prince Alwaleed bin Talal, a Twitter investor who initially opposed the deal.

Elon Musk has secured an additional $7.1 billion in backing for his proposed acquisition of Twitter, according to a Securities and Exchange Commission (SEC) filing Wednesday.

Among the backers listed in the filing are Saudi Prince Alwaleed bin Talal, a current investor on Twitter, who has pledged to pledge a total of $1.9 billion in equity to back Musk’s proposed buyout.

Larry Ellison and cryptocurrency exchange Binance are also listed as backers, with the latter pledging $500 million.

Musk said on April 21 that he had secured $46.5 billion in funding for his takeover bid. Musk’s takeover bid for Twitter values ​​the company at $44 billion.

Prince Alwaleed bin Talal is the founder of Kingdom Holding Company, Saudi Arabia’s largest private investment holding company, with $13 billion in assets under management in 2018.

Prince Alwaleed lost billions in the 2008 financial crisis but profited enormously in the years that followed, becoming the richest man in the Arab world. However, in 2017, Prince Alwaleed was among dozens of senior royals rounded up by new Saudi Crown Prince Mohammed bin Salman as part of a major anti-corruption drive.

On April 14, before Twitter accepted Musk’s offer, Prince Alwaleed tweeted that he didn’t believe Musk’s offer matched the value of Twitter.

“As one of Twitter’s largest and longest-term shareholders, @Kingdom_KHC [Kingdom Holding Company] & I reject this offer,” he said.

Musk responded to the tweet, asking, “How much Twitter does the Kingdom own?” and “What is the Kingdom’s view on freedom of expression for journalists?”

Musk described himself as a “free speech absolutist” and said he wanted to buy Twitter because of its “potential to be the platform for free speech in the world”.

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