Home News Elon Musk “borrowed” $ 7.14 billion from friends and investors to buy...

Elon Musk “borrowed” $ 7.14 billion from friends and investors to buy Twitter. The billionaire will temporarily lead the company

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Billionaire Ellison is contributing $ 1 billion, the largest new supporter, while Sequoia is contributing $ 800 million. Binance, which benefited from Musk’s preference for cryptocurrencies, pledged $ 500 million.

Other investment firms supporting Musk’s bid include Qatar Holding, which is contributing $ 375 million, and Fidelity, which has pledged $ 316 million.

The new commitments will help Musk reduce its margin lending from $ 12.5 billion to $ 6.25 billion.

Saudi Prince Alwaleed Bin Talal Abdulaziz Alsaud, who is already a Twitter investor and initially rejected Musk’s deal, has pledged to buy 34,948,975 shares, worth about $ 1.7 billion.

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The prince said on April 14 that Musk’s Twitter bid of $ 54.20 per share was approaching the company’s “intrinsic value” given its “growth prospects.”

He added: “Being one of Twitter’s largest and longest-running shareholders, @Kingdom_KHC and I are rejecting this offer.”

A close friend said on Thursday that Elon Musk will become the temporary CEO of Twitter, after completing the takeover of the social media company.

Musk is also the CEO of Tesla and runs two other companies, The Boring Company and SpaceX.

Tesla shares fell 8 percent on Thursday as investors worried that Musk’s involvement with Twitter could distract him from leading the world’s largest electric carmaker.

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Twitter shares, on the other hand, expanded their earnings and increased by about 4% to $ 50.89 per unit, approaching the takeover price of $ 54.20 per share, with investors considering the new funding to be the transaction is more likely to be completed.

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