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elon-musk’s-takeover-financing-deal-could-clip-twitter’s-wings

Elon Musk’s takeover financing deal could clip Twitter’s wings

BizTech WeeklyBy BizTech Weekly May 7, 2022

Elon Musk announced a score of new backers for his $44bn (£35.6bn) Twitter takeover. Oracle tycoon Larry Ellison, the crypto market’s leading trading platform, the Qatari sovereign wealth fund and a Saudi prince are among the new backers. The initial funding package behind the takeover, which requires shareholder approval, was initially split into three elements: $21bn in equity, $12.5bn of loans secured against Musk’s shares in Tesla. A further $13bn in loans from a group of seven banks, secured against Twitter itself. That changed on Thursday, the equity commitment had risen to $27.25bn, helped by 18 investors including Ellison ($1bn), the Binance trading platform ($500m) . . .

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