- Elon Musk has secured additional support of $ 7.1 billion for his proposed takeover on Twitter, according to regulatory documents.
- Musk said in a previous submission 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 deal.
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Elon Musk has secured an additional $ 7.1 billion to support his proposed acquisition of Twitter, according to a document from the Securities and Exchange Commission (SEC) filed on Wednesday.
Supporters listed in the dossier include Saudi Arabia’s Prince Alwaleed bin Talal, a current Twitter investor who has vowed to commit $ 1.9 billion in shares to support Musk’s proposed buyout.
Larry Ellison and the cryptocurrency exchange Binance are also listed as supporters, with the latter promising $ 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 estimates 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 by 2018.
Prince Alwaleed lost billions during the 2008 financial crisis, but made huge profits in the years that followed, rising to the richest man in the Arab world. However, in 2017, Prince Alwaleed was among dozens of royalty gathered by then-Saudi Crown Prince Mohammed bin Salman as part of a major anti-corruption initiative.
On April 14, before Twitter accepted Musk’s offer, Prince Alwaleed tweeted that he did not believe Musk’s offer was worth Twitter’s value.
“As one of the largest and long-term shareholders of Twitter, @Kingdom_KHC [Kingdom Holding Company] and I reject this offer, “he said.
Musk responded to the tweet by asking, “How much of Twitter does the Kingdom have?” And “What are the Kingdom’s views on journalistic freedom of speech?”
Musk described himself as an “absolutist of free speech” and said he wanted to buy Twitter because of “its potential to be a platform for free speech around the world.”
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