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Elon Musk in Twitter New Financial Deal, Jack Dorsey Talks – The Hollywood Reporter

Tesla and SpaceX boss Elon Musk has received letters from investors pledging nearly $7.14 billion in funding for a takeover of social media giant Twitter, according to a regulatory filing on Wednesday. Five. Musk is also in talks to bring in Twitter co-founder Jack Dorsey and others as investors.

The filing lists 19 investors, including current Twitter shareholder Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud of Saudi Arabia, who are pledging to retain about 35 million shares of the company to retain their funds. invested in it after Musk went private, as did the sovereign wealth fund Qatar Holding, the trust of the co-founder of Oracle Corp. Larry Ellison and venture capital firm Sequoia Capital.

Musk has received a “letter of equity commitment…, providing a total of approximately $7.139 billion in new financing commitments” related to the deal to Twitter, the regulatory filing said.

That means the $12.5 billion margin loan he received to acquire the social media giant has dropped to $6.25 billion, and the takeover is now funded by 27 $.25 billion in equity and cash, it explained.

Musk is also in talks to add more existing Twitter shareholders, including Dorsey, to the board as investors after the acquisition, according to the filing. He “is and will continue to be in discussions with a number of existing holders of common stock (including Jack Dorsey) about the possibility of contributing such common stock to the parent company, at or shortly before end of the merger, to retain an equity investment in Twitter upon completion of the merger rather than receiving consolidation review in the merger,” the filing said. “Under the terms of the merger agreement, any such pledge of contribution may supersede portions of the funding pledge,” as previously reported by Musk.

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