Elon Musk has secured $7.14 billion in funding from a group of investors that includes Oracle Corp co-founder Larry Ellison to fund his $44 billion takeover of social-media platform Twitter Inc, according to a filing on Thursday.
Musk revealed in a filing he had received equity commitment letters from investors including Sequoia Capital, Brookfield, Qatar Holding and others.
The move comes as Musk's margin loan was reduced to $6.25 billion from $12.5 billion announced earlier, the filing revealed.
Musk will continue to hold talks with existing holders of Twitter, including the company's former chief Jack Dorsey, to contribute shares to the proposed acquisition, the filing showed.
Reuters last week reported Musk was in talks with large investment firms and high net-worth individuals about taking on more financing for his Twitter acquisition and tying up less of his wealth in the deal.
Saudi Arabian investor Prince Alwaleed bin Talal said on Thursday billionaire entrepreneur Elon Musk will be an “excellent leader” for Twitter.
“Great to connect with you my “new” friend @elonmusk (..) I believe you will be an excellent leader for Twitter to propel and maximise its great potential,” Alwaleed said in tweet responding to Kingdom Holding on Twitter.
“Kingdom Holding Company and I look forward to roll our ~$1.9 bn in the “new” Twitter and join you on this exciting journey,” he added.
Elon Musk is expected to serve as Twitter Inc’s temporary chief executive officer for a few months after he completes his $44 billion acquisition of the social media firm.