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Musk gets $7B backing for Twitter bid from tech heavyweights

Elon Mush
Posted at 12:44 PM, May 05, 2022
and last updated 2022-05-05 12:44:22-04

Billionaire Elon Musk has strengthened the equity stake of his offer to buy Twitter with commitments of more than $7 billion from a range of investors, including Oracle co-founder and Tesla board member Larry Ellison.

Some other investors include Sequoia Capital Fund, which pledged $800 million, and VyCapital, which pledged $700 million.

Ellison is making the biggest contribution, pegged at $1 billion.

A Thursday regulatory filing also showed that Musk initially was set to receive $12.5 billion in margin loans to help fund the deal, but is now cutting that amount in half, to $6.25 billion.

The entire purchase is valued at $44 billion.

Once the transaction is completed, Twitter will become a privately held company.