Elon Musk receives $7.17 billion investment from Larry Ellison, Binance, Sequoia Capital and others
Tech entrepreneur and CEO of Tesla, Elon Musk, has received $7.17 billion worth of funding from investors for his recent $44 billion purchase of microblogging platform Twitter.
Among this list of investors are Oracle Corp co-founder Larry Ellison, cryptocurrency exchange Binance and investment management companies such as Sequoia Capital, Brookfield and Fidelity. Larry Ellison alone contributed $1 billion to the overall funding, states a report from Reuters.
According to recent financial reports, Musk's margin loan reduced from $12.5 billion to $6.25 billion, and the earlier $21 billion financial commitment was revised to $27.25 billion.
Reports further state that other investors of Musk's Twitter purchase include Saudi Arabian Prince Alwaleed bin Talal and global investment firms Vy Capital and Qatar Holding LLC - the latter two are also investors in Musk's tunnel construction firm The Boring Company.
Reports from Reuters claim that Musk is currently attempting to negotiate with other investment firms to further finance his Twitter purchase. He has also reportedly reached out to other Twitter shareholders, including co-founder and former CEO of Twitter, Jack Dorsey.
Currently, Twitter's share price increased about 2.9%, rising to $50.5, as per reports. However, this is still lesser than Musk's acquisition of $54.20 per share.
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