Elon Musk secures extra $ 7 billion in support for the Twitter deal

  • Elon Musk secured an additional $ 7.1 billion in support for his proposed Twitter takeover, a regulatory filing shows.
  • Musk said in an earlier filing that he had already secured $ 46.5 billion in funding.
  • Among the new supporters is Saudi Arabia’s prince Alwaleed bin Talal, a Twitter investor who initially opposed the agreement.

Elon Musk has secured an additional $ 7.1 billion in support of his proposed acquisition of Twitter, according to a document from the Securities and Exchange Commission (SEC) that was submitted on Wednesday.

Among the supporters listed in the archive is Saudi Arabia’s Prince Alwaleed bin Talal, a current Twitter investor, who has pledged $ 1.9 billion worth of shares to support Musk’s proposed acquisition.

Larry Ellison and the cryptocurrency exchange Binance are also listed as supporters, the latter having promised $ 500 million.

Musk said on April 21 that he had secured $ 46.5 billion in funding for his takeover bid. Musk’s offer to buy Twitter values ​​the company at $ 44 billion.

Prince Alwaleed bin Talal is the founder of Kingdom Holding Company, the largest private investment holding company in Saudi Arabia, with assets worth $ 13 billion under management from 2018.

Prince Alwaleed lost billions during the financial crisis in 2008, but made huge profits in the years that followed, becoming the richest man in the Arab world. However, in 2017, Prince Alwaleed was among a number of royals who were rounded off by the then newly crowned Saudi Crown Prince Mohammed bin Salman as part of a major anti-corruption effort.

April 14, before Twitter accepted Musk’s bid, Prince Alwaleed twitret that he did not think Musk’s offer matched Twitter’s value.

“To be one of the largest and long-term shareholders of Twitter, @Kingdom_KHC [Kingdom Holding Company] and I reject this offer, “he said.

Musk black to the tweet and asked, “How much of Twitter does the kingdom own?” and “What is the Kingdom’s view on journalistic freedom of expression?”

Musk has described himself as an “absolute freedom of expression” and said he wants to buy Twitter because of its “potential to be the platform for freedom of expression across the globe”.

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