Musk Brings in New Investors to Contribute $7 Billion to Twitter Deal

MONEY & BUSINESS: Musk Brings in New Investors to Contribute $7 Billion to Twitter Deal

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Elon Musk has brought in more than a dozen new investors to help fund his $44 billion acquisition of Twitter, including the billionaire Larry Ellison and the venture capital firm Sequoia Capital, according to securities documents filed Thursday morning.

The investors together will contribute $7 billion to help fund Twitter’s purchase, with the rest coming from Mr. Musk’s own pocket or through loans.

Mr. Musk had said that he would fund the deal in part with a $12.5 billion loan against his shares in Tesla, the electric vehicle company he runs. As a result of the new equity commitments, Mr. Musk said he was reducing the size of that loan against Tesla shares to $6.25 billion from $12.5 billion.

He has also said that he has secured $13 billion in other loans from seven banks and committed $21 billion of his own cash. Mr. Musk has not yet outlined the sources of that cash.

The 18 investors listed in Thursday’s filing are a mix of big names such as Fidelity as well as so-called family offices — firms that manage the wealth of billionaires and other rich individuals. Binance, the cryptocurrency exchange, is contributing $500 million, while an entity affiliated with Mr. Ellison, the Oracle co-founder, is investing $1 billion. Sequoia is putting up $800 million, and Qatar Holding, a sovereign wealth fund, is contributing $375 million.

Mr. Musk’s representatives had been canvassing a wide array of investors in recent days, according to two people who received information about a potential investment. Traditional private equity firms had earlier looked at possibly investing in the deal, but were unwilling to invest on the terms being offered.

Anupreeta Das contributed reporting.



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