Elon Musk is expected to be the interim CEO of Twitter after completing the takeover of the social media giant for 44 billion dollars.
The technology mogul will take over the role a few months after the buyout, CNBC confirmed on Thursday morning.
Specific details about the role, including the total length of his term, were not immediately available, and Twitter did not respond immediately to DailyMail.com’s request for comment.
News of Musk’s new position spread shortly after it was revealed that the world’s richest man has 18 investors collectively committed to raising more than $ 7 billion in capital to help fund his acquisition.
In a statement Thursday, Musk said Oracle Corp. co-founder Larry Ellison would invest $ 1 billion to buy the $ 44 billion social media platform.
Musk also said he had received letters of commitment for equity from investors, including Sequoia Capital ($ 800 million) and Brookfield ($ 250 million) for $ 7.14 billion in funding.
Other investors listed include Qatari Holding ($ 375 million) and New York real estate investor Steve Whitkoff ($ 100 million).
The documents also state that Saudi Arabia’s Prince Alwaleed bin Talal bin Abdulaziz Alsaud has pledged 34,948,975 shares in Twitter Inc. “to maintain a capital investment in Twitter after the merger is completed,” the document said. Initially, Prince Alualid opposed the redemption.
The move comes after Musk’s margin loan was reduced to $ 6.25 billion from the $ 12.5 billion previously announced, the documentation said.
Musk will continue to negotiate with existing Twitter owners, including former company boss Jack Dorsey, to contribute shares to the proposed acquisition, according to the documentation.
Last week, it was announced that Musk was in talks with large investment firms and high-net worth individuals to take more funding for his acquisition on Twitter and link less of his wealth to the deal.
Shares of Twitter jumped to $ 50.17 per share in pre-trading on Thursday after Musk announced the investor. The tech mogul agreed to buy Twitter for $ 54.20 a share, a 38% premium over the April 1 closing price, which was the last trading day before revealing his approximately 9% stake in the platform.
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Elon Musk listed 18 investors who have pledged to collectively raise more than $ 7 billion in equity to help fund its takeover on Twitter. Billionaire and his mother May Musk are pictured Monday night at the Met Gala in New York
Shares of Twitter rose after the news of Musk’s investment. The platform closed at $ 49.06 per share on Wednesday
Shares of Twitter jumped to $ 50.17 per share in pre-trading on Thursday
Prince Alwaleed, who initially tried to block Musk’s buyout on Twitter, entered the platform on Thursday to give strong support to Tesla’s chief executive.
“It’s great to contact you my ‘new’ friend @elonmusk,” he wrote. “I believe you will be an excellent leader for @Twitter to drive and maximize its great potential.
“@Kingdom_KHC and we look forward to investing our $ 1.9 billion in the ‘new’ @Twitter and joining you on this exciting journey.”
The Saudi king, who is a major shareholder in the technology giant, rejected SpaceX’s founder’s $ 41 billion offer to buy the platform in mid-April, saying the amount was not “close to Twitter’s value, given its prospects.” for growth. “
Prince Alualid, who initially tried to block Musk’s buyout on Twitter, joined the platform on Thursday to give strong support to Tesla’s chief executive
The Saudi king, who is a major shareholder in the technology giant, rejected SpaceX’s founder’s $ 41 billion offer to buy the platform in mid-April, saying the amount was not “close to Twitter’s value, given its prospects.” for growth “
Musk retaliated, questioning the size of Prince’s share of the platform and his views on free speech.
“As one of Twitter’s largest and long-term shareholders, @Kingdom_KHC and I reject this offer,” he tweeted on April 14. KHC is the holding company that operates bin Talal.
He also shared a 2015 Twitter grab in which he said Kingdom KHC had increased its Twitter share to 5.7 percent. It is not clear what part of the company it owns.
Musk responded by saying, “Interesting. Just two questions, if you can. What part of Twitter does the Kingdom own, directly and indirectly? What are the Kingdom’s views on journalistic freedom of speech?
The billionaire’s tweet seemed unanswered until Thursday, when the prince revealed his excitement about working with Musk.
The documentation also states that the Prince of Saudi Arabia, Alwaleed bin Talal bin Abdulaziz Alsaud (pictured in 2005), has committed 34,948,975 shares in Twitter Inc, “to maintain a capital investment in Twitter after the merger.”
Musk agreed to a $ 44 billion takeover deal with Twitter last month and appears to be working to secure the necessary funding.
Last week, he sold $ 8.5 billion worth of shares in Tesla, possibly to fund his $ 21 billion cash commitment to the deal.
He has now attracted more than a dozen investors to help close the deal.
Larry Ellison, co-founder of Oracle Corp., has agreed to invest $ 1 billion to buy Musk on Twitter, the largest contribution of all 18 investors provided by Tesla’s CEO.
Ellison, 77, the ninth richest man in the world with a net worth of approximately $ 119.5 billion, is known for his extravagant spending.
He once bought 98 percent of the Hawaiian island of Lanai, spent $ 194 million on a yacht and invested hundreds of millions of dollars in luxury properties in Malibu, California, Investopedia reported.
The CEO of the software giant also built a mansion in California on the model of Japanese feudal architecture from the 16th century.
In addition to owning 40 percent of Oracle, Ellison has stakes in Tesla, NetSuite and Leapfrog Enterprises.
Larry Ellison (pictured with Bill Gates on the right in October 2021), CEO of Oracle Corp., has agreed to invest $ 1 billion to buy Twitter, the largest contribution of all 18 investors Musk has provided.
Sequoia Capital, a venture capital firm that invests in start-ups in the energy, financial, corporate, healthcare, Internet and mobile industries, is contributing $ 800 million to Musk’s buyout on Twitter, making it the second-largest of 18 investors. .
The company has 31 funds and has raised a total of $ 19.8 billion of all its funds.
His latest fund, the Sequoia Crypto Fund, was announced in February 2022 and has already raised a total of $ 600 million, Crunchbase reported.
Sequoia Capital, according to its website, has previously worked with Apple, Google, Cisco, Unity, Snowflake and Zoom.
The company is in its third generation of leadership with South African actuary Ruloff Botha, 48, acting as a senior steward. Bota reportedly sat on the boards of MongoDB, Jawbone, Eventbrite, Evernote, Bird, Ethos, Mahalo, Natera, Nimbula, Square, Tokbox, Tumblr, Unity, Whisper and Xoom.
Sequoia Capital Fund, LP is contributing $ 800 million to buy Musk on Twitter. Sequoia Capital Senior Steward Roelof Botha was pictured in September 2014.
The third-largest investor, VyCapital, a Dubai-based global technology investment firm, is investing $ 700 million in buyouts.
According to Crunchbase, VyCapital has raised a total of $ 354.1 million in its only venture capital fund, VY Capital Holdings Ltd., which was announced in September 2014.
The company focuses on “technology companies that define categories” that are said to have “the potential to have a significant impact on humanity,” according to the company.
VyCapital has more than 70 investments worldwide and currently manages assets of over $ 5 billion from the world’s leading donations and institutions.
The company was founded in 2013 by Alexander Tamas, who was previously a partner in DST and helped consolidate the Russian Internet sector around Mail.ru.
While at DST, Tamas personally led and made notable investments on Facebook, Airbnb, Spotify, Twitter, JD.com, Alibaba, Xiaomi and Zalando.
VyCapital, a Dubai-based global technology investment firm, is investing $ 700 million in the buyout. The company was founded in 2013 by Alexander Tamas (pictured in 2010)
The world’s largest cryptocurrency exchange is investing $ 500 million on Twitter in a show of support for Musk.
Binance founder and CEO Changpen ‘CZ’ Zhao tweeted on Thursday that his company’s investment in the platform was a “small contribution to the cause”.
A spokesman for the company told CoinDesk that its participation in the platform was “as a supporter of Elon Musk’s plans for Twitter and an investor.”
Last month, after Musk made his initial offer to buy the platform, Zhao tweeted, “Privatize it, issue a token, decentralize it.”
He also suggested that Tesla’s CEO should give priority to reducing spam and fraud on the platform.
The world’s largest cryptocurrency exchange is investing $ 500 million on Twitter in a show of support for Musk. Binance founder and CEO Changpen “CZ” Zhao tweeted on Thursday that his company’s investment in the platform was a “small contribution to the cause”
Also Thursday, it was revealed that Binance had received regulatory approval to provide digital asset services in France, the first European country to offer the company such permits.
The approval came after months of regulatory failures and concerns about how the company would ensure “compliance with anti-money laundering rules,” according to TechCrunch.
Binance, originally founded in China, is not allowed to work in the United Kingdom or Germany. The company has also largely withdrawn from China due to Beijing’s broad ban on cryptocurrencies.
The company is reportedly still looking for a new home.
Musk has several ideas for changes to the social media platform, such as improving the principles of free speech on the site. He also said he looked forward to “improving the product with new features”.
It is expected to be taken over …
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