There has been a new development with regard to seeking funding for: Elon Musk, who bought Twitter for $44 million.
While negotiating with many investors to fund the acquisition process, Musk received $7.14 billion in funding from a group of investors, including Oracle co-founder Larry Ellison and Sequoia Capital.
Investors also include the Binance exchange. Binance has reportedly pledged to invest $500 million. Binance CEO Changpeng Zhao quoted a message from his Twitter account saying, “A small contribution to the common cause.”
On the other hand, Sequoia Capital provided $800 million, Fidelity $316 million and Andreessen Horowitz $400 million in pledge letters.
Larry Ellison, a Tesla board member and close friend of Elon Musk, has allocated $1 billion in funding.
Qatar Holding, which is also an investor in Musk’s other venture, The Boring Company, and Dubai-based Vy Capital are also part of the investor group.
In addition, Saudi Arabian investor Prince Alwaleed bin Talal, who initially opposed the purchase, agreed to take his $1.89 billion stake in the deal rather than cash it in.
For example, Musk’s financial liabilities were revised from $21 billion to $27.25 billion.
Musk continues negotiations with existing Twitter shareholders, including Jack Dorsey.