July 12, 2024

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Elon Musk secures additional $7 billion backing for Twitter deal

  • The regulatory filing showed that Elon Musk received an additional $7.1 billion in support for the proposed acquisition of Twitter.
  • Musk said in an earlier application that he had already secured $46.5 billion in funding.
  • Among the new backers of the deal is Saudi Prince Alwaleed bin Talal, a Twitter investor who initially opposed the deal.

Elon Musk gets another $7.1 billion to back him The proposed acquisition of Twittera The Securities and Exchange Commission (SEC) document filed on Wednesday appears.

Among the backers included in the dossier is Saudi Prince Alwaleed bin Talal, the current Twitter investor, who has promised to commit $1.9 billion in stock to support Musk’s proposed purchase.

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

Musk said on April 21 that he had received $46.5 billion in financing the takeover bid. Musk’s bid to buy Twitter the company is estimated at $44 billion.

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

Prince Alwaleed lost billions during the 2008 financial crisis, but benefited greatly in the years that followed, rising to become the richest man in the Arab world. However, in 2017, Prince Alwaleed was among dozens of royals arrested by then-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 chirp He doesn’t think Musk’s offering matches the value of Twitter.

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For being one of the biggest long-term contributors to Twitter, @Kingdom_KHC [Kingdom Holding Company] “I decline this offer,” he said.

musk replied On Twitter, he asked: “How much Twitter does the Kingdom own?” and “What is the Kingdom’s view of press freedom?”

Musk described himself as a “absolute freedom of expression” He said Wants to buy Twitter Because of its “potential to be a platform for freedom of expression worldwide.”