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Elon Musk secures $7B funding from investors to buy Twitter

09:35 06 May 2022 Author :  

Business magnate Elon Musk secured $7.1 billion funding from a number of investors to buy social media firm Twitter, according to a filing released on Thursday. 

The investors include tech firm Oracle's co-founder Larry Ellison, whose trust has made an equity commitment of $1 billion, according to the filing made with the US Securities and Exchange Commission.

Saudi Arabian investor Prince Alwaleed bin Talal bin Abdulaziz Alsaud also made an equity commitment for almost 35 million shares worth approximately $1.9 billion amid a share price of $54.20.

Binance, the world's largest cryptocurrency marketplace by trading volume, has also made a commitment of $500 million, the filing showed.

Musk's initial $21 billion financing commitment was also revised to $27.25 billion, it added.

Twitter announced on April 25 that it has accepted Musk's offer to be purchased for $44 billion. In the following three days, Musk sold around $8.5 billion worth of his electric carmaker Tesla's shares, according to earlier filings./aa

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