Elon Musk Gets $7 Billion in Fresh Financing for Twitter Deal
A Saudi prince, Larry Ellison and a bitcoin exchange are among a group of 19 investors who have committed more than $7 billion to back the Tesla CEO’s bid for Twitter.
✒ With the $7.14bn of funding raised for his $44bn buyout of Twitter, the margin loans from a group of lenders can be cut by half to $6.25bn, and the equity portion can be increased to $27.25bn.
Investors includes Oracle co-founder Larry Ellison, crypto exchange Binance, Qatar Investment Authority, and asset management groups Fidelity, Brookfield and Sequoia Capital.
Binance chief executive Changpeng Zhao said the crypto exchange would offer Musk almost unconditional support for the takeover, and admitted that it had done little due diligence.
“It’s more of a blank cheque,” Zhao said after committing $500m to Musk’s deal.