Gadgets Africa
  • News
    Twitter blocks links to one-week-old rival Threads

    Twitter blocks links to one-week-old rival Threads

    Twitter CEO Yaccarino debunks alleged decline in traffic

    Twitter CEO Yaccarino debunks alleged decline in traffic

    Microsoft to layoff nearly 300 workers

    Microsoft to layoff nearly 300 workers

    Twitch adds Stories features to app

    Twitch adds Stories features to app

    Meta to launch twitter-like ‘threads’ app

    Meta to launch twitter-like ‘threads’ app

    Coinbase shares surges after Cboe names crypto exchange

    Coinbase shares surges after Cboe names crypto exchange

    Tweeps react to Twitter accounts restriction

    Tweeps react to Twitter accounts restriction

    WhatsApp introduces QR-code method for data transfer

    WhatsApp introduces QR-code method for data transfer

    ChitChat: Zambian startup, Mastercard launch encrypted messaging platform

    ChitChat: Zambian startup, Mastercard launch encrypted messaging platform

  • Apps
  • Cryptocurrency
  • featured
  • Telecommunications
  • Gadgets
  • FinTech
  • Tech leaders
Gadgets Africa
No Result
View All Result

Elon Musk secures $7.1 bn to fund Twitter deal

by Agency Report
May 5, 2022
in News
Reading Time: 1 min read
Why I am buying Twitter - Elon Musk

Elon Musk

Share on FacebookShare on TwitterShare on Telegram

Elon Musk has raised $7.1 billion for his Twitter acquisition from investors that include Oracle founder Larry Ellison and Saudi Prince Alwaleed bin Talal, according to a securities filing Thursday.

 

Musk, chief executive of Tesla and SpaceX, listed 18 investors who agreed to cash investments including Ellison ($1 billion), Sequoia Capital ($800 million) and Vy Capital ($700 million).

 

The Saudi prince, the head of the Kingdom Holding Company conglomerate, agreed to contribute about 35 million Twitter shares worth $1.9 billion so as to retain a stake in the company post-acquisition, the filing said.

 

Alwaleed had previously balked at Musk’s $54.20 per share offer as too low, but praised Musk on Twitter on Thursday, saying “I look forward to roll our ~$1.9bn in the ‘new’ @Twitter and join you on this exciting journey.”

 

The investments will reduce a $12.5 billion margin loan organized through Morgan Stanley and other banks to $6.25 billion, the filing said.

 

The new financing means less of Musk’s Tesla shares will be used as collateral under the margin loan.

 

Musk “may receive additional financing commitments to fund additional portions of the total Merger Consideration,” the filing said, adding that the Tesla chief is in talks with former Twitter Chief Executive Jack Dorsey and others who may contribute shares to maintain an equity stake.

 

The Twitter takeover is expected to close later in 2022.

 

CNBC reported that upon completion of the deal, Musk is expected to serve as temporary CEO of Twitter for a few months, the network said, citing unnamed sources.

 

AFP

Tags: Elon MuskTwitter
ADVERTISEMENT

Related Posts

Twitter blocks links to one-week-old rival Threads
News

Twitter blocks links to one-week-old rival Threads

by Alex Omenye
July 11, 2023
Twitter CEO Yaccarino debunks alleged decline in traffic
News

Twitter CEO Yaccarino debunks alleged decline in traffic

by Alex Omenye
July 11, 2023
Microsoft to layoff nearly 300 workers
News

Microsoft to layoff nearly 300 workers

by Joy Onuorah
July 11, 2023
Twitch adds Stories features to app
featured

Twitch adds Stories features to app

by Alex Omenye
July 8, 2023
Next Post
Telecom subscribers' growth in Lagos, four others hit 56m

Subscribers reject planned tariff hike, vow to oppose telcos

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended.

Russian invasion: Ukraine raises $13m in crypto after crowdfunding appeal

US asks YouTube, Twitter, others to archive Russian war evidence

May 15, 2022
Indonesia, Elon Musk's SpaceX launch largest satellite

Indonesia, Elon Musk’s SpaceX launch largest satellite

June 19, 2023

Trending.

N’Korean hackers stole $721m crypto from Japan –Report

N’Korean hackers stole $721m crypto from Japan –Report

May 15, 2023
Chinese hackers target Kenya in widespread cyber attack

Hackers target UAE users with Spanish spyware – Google

March 29, 2023
Buhari enacts startup bill

Buhari enacts startup bill

October 19, 2022
5G: FG agrees enterprise deal with Microsoft

5G deployment may be hampered by limited frequencies, others – NCC

June 26, 2022
Reddit launches TikTok-like feature for video feed

Reddit launches TikTok-like feature for video feed

April 28, 2023
Gadgets Africa

© 2023 Gadgets Africa.

Navigate Site

  • News
  • Apps
  • Cryptocurrency
  • featured
  • Telecommunications
  • Gadgets
  • FinTech
  • Tech leaders

Share

No Result
View All Result
  • News
  • Apps
  • Cryptocurrency
  • featured
  • Telecommunications
  • Gadgets
  • FinTech
  • Tech leaders

© 2023 Gadgets Africa.

Go to mobile version