According to a filing on Thursday, Elon Musk has acquired $7.14 billion in capital from a group of investors that includes Larry Ellison, co-founder of Oracle Corp, and Sequoia Capital to fund his $44 billion buyout of Twitter Inc.
According to the filing, Saudi Arabian investor Prince Alwaleed bin Talal, who had opposed the purchase at first, consented to roll his $1.89 billion holding into the deal rather than cash out.
According to the filing, Musk’s margin loan was cut to $6.25 billion from $12.5 billion previously stated.
Musk’s $21 billion financing pledge was also increased to $27.25 billion.
According to the filing, Musk will continue to talk to existing Twitter shareholders, including the company’s former CEO Jack Dorsey, about contributing shares to the potential acquisition.
The investor group also includes Qatar Holding and Vy Capital, both of which are investors in Musk’s other business, The Boring Company.
Musk was reportedly in talks with huge financial groups and high-net-worth individuals last week about taking on more funding for his Twitter acquisition and tying up less of his personal fortune in the deal, according to reporters.
Larry Ellison, a Tesla board member and a self-described personal friend of Elon Musk, has pledged $1 billion to the project.
Before the bell, Twitter’s stock was up 2.9 percent to $50.5, still behind Musk’s offer of $54.20.
