Elon Musk has raised $7.14 billion from a group of investors that includes the co-founder of Oracle Corporation Already Sequoia Capital to finance your purchase of Twitter Inc. for $44 billion, according to a statement filed Thursday.
Prince Alwaleed bin TalalThe Saudi investor, which had initially opposed the purchase, has also agreed to contribute its $1.89 billion stake to the deal rather than walk away, according to the report.
The decision came after Musk’s margin loan was reduced to $6.25 billion from the previously announced $12.5 billion, according to the filing.
Musk’s $21 billion funding commitment was also revised to $27.25 billion.
Musk will continue to hold talks with current Twitter shareholders, including the company’s former boss, jack dorseyto contribute shares to the proposed acquisition, according to the presentation.
Qatar Holding Y Vy Capitalbased in Dubaiie investor in Musk’s other company, The Boring Companyare also part of the group of investors.
Reuters reported last week that Musk was in talks with big investment firms and high net worth individuals about the possibility of taking on more funding for his Twitter acquisition and allocate a smaller part of its own capital to the agreement.
Larry Ellisonmember of the board of directors of Tesla and self-proclaimed close friend of Elon Muskhas committed $1 billion for financing.
Twitter shares were up about 2.9% at $50.5 before the bell, still below Musk’s offer of $54.20.