Elon Musk has reportedly raised as much as $7.1 billion in funding from several investors, including at least $1 billion from Oracle CTO and co-founder Larry Ellison, toward his acquisition of Twitter. The funds raised equate to just over 3.8-percent of the $44 billion agreed-upon price tag.
Now, Mr. Ellison is not the only investor to take provide funding for the buyout of Twitter by Elon Musk. Although he is a noteworthy entrant on the list of top names. The close friend of Mr. Musk has been on Tesla’s board since 2018 and has an estimated net worth of over $100 billion. Making Mr. Ellison not only a close associate of Mr. Musk. But also an individual that Elon Musk could potentially rely on for future funding if needed.
Where did the funds raised by Elon Musk for Twitter come from?
Other big names on the latest investor list include venture capital firm Andreessen Horowitz, financial firm Fidelity, and crypto exchange Binance. As well as the state investment firm of Qatar.
Investments from Saudi Prince Alwaleed bin Talal will effectively remain in place following the close of the deal as well. With his present almost $1.9 billion in stakes in the company being rolled into an investment into Twitter once the deal closes.
Andreessen Horowitz and Binance executives have also spoken out about their respective companies’ investments. Andreesen Horowitz co-founder Ben Horowitz cited “censorship” and belief in “Elon’s brilliance” as reasons behind the company’s $400 million investment.
Conversely, Binance’s Changpeng Zhao has reportedly referred to that company’s $500 million funding as “more of a blank check.” With no clear indication of any expectations from Elon Musk.
What is Elon Musk’s plan?
Elon Musk has reportedly stated that his plan for Twitter is not to make a profit. Instead, the mogul hopes to rein in censorship, as well as to verify human users to eliminate bots and scams. And to reduce the company’s reliance on ad-based funding, while building out new features for the social network’s apps and site such as an edit button and more. Specific details as to how, exactly, Mr. Musk hopes to accomplish that have not been made clear, as of this writing.
2022-05-06 15:08:29