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Musk receives $ 7 billion in support for a Twitter application from tech heavyweights WGN Radio 720

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Billionaire Elon Musk has strengthened his stake in his offer to buy Twitter, pledging more than $ 7 billion in commitments from a number of investors, including such heavyweight Silicon Valley players as Oracle co-founder Larry Allison.

Other investors include the Sequoia Capital Fund, which pledged $ 800 million, and VyCapital, which pledged $ 700 million, according to a statement to the U.S. Securities and Exchange Commission on Thursday. But Allison, who is also a member of Tesla’s board of directors, is making the largest contribution, pegged to $ 1 billion.

Saudi Prince Alwaleed bin Talal bin Abdulaziz Alsaud has promised 35 million Twitter shares in support of Mask, the statement said.

In earlier regulatory documents, Musk revealed that he sold Tesla shares worth about $ 8.5 billion to help fund the purchase. Musk later tweeted that he had no plans to sell any more of the company’s stock, meaning he would need external commitments to help fund the $ 44 billion deal.

Due to new funding listed in the SEC’s filing on Thursday, Musk cut margin loans of $ 12.5 billion he was counting on, halving to $ 6.25 billion. The deal is also now funded by $ 27.25 billion in cash and stocks compared to $ 21 billion.

A statement Thursday also said Musk was in talks with other parties, including former Twitter CEO Jack Dorsey, who is the second largest single stakeholder in the company after Musk.

“It was a smart financial and strategic move by Mask that will be well received by all and also shows that the Twitter deal is now on a slippery slope by the end of this year,” wrote analyst Dan Ives, who follows Twitter. Wedbush.

Shares of Twitter Inc. remained below $ 54.20 per share Mask because on Wall Street there are still doubts about whether the deal will be realized.

Shares of the San Francisco social network rose 2% before the opening call to $ 50.10.

https://wgnradio.com/news/technology-news/musk-gets-7b-backing-for-twitter-bid-from-tech-heavyweights/

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