- Shares of Twitter were higher Thursday after Elon Musk disclosed $7 billion in new funding commitments for this takeover.
- Investors include Binance, Sequoia Capital and Oracle cofounder Larry Ellison, according to regulatory filings.
- With the $7 billion influx, his margin loan has now been decreased to $6.25 billion.
Twitter stock was higher Thursday after Elon Musk disclosed $7 billion in new funding commitments for his $44 billion takeover of the social-media platform.
In a regulatory filing, Musk said he recieved letters from 19 investors. Top commitments include $1 billion from Oracle co-founder Larry Ellison, $850 million from Sequoia Capital, $500 million from Binance and $400 million from Andreessen Horowitz.
Saudi Arabia's Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud also said he would commit 35 million shares of Twitter stock to secure investment in the company.
The new funding decreases the amount of cash from loans Musk originally planned to use for the Twitter buyout. With the $7 billion influx, his $12.5 billion margin loan has now been decreased to $6.25 billion. Musk also boosted his total equity commitment to $27.25 billion.
Shares of Twitter were up 2.9% in pre-market trading, changing hands at $50.50, still below Musk's takeover price of $54.20 per share.
Some remain skeptical as to the actual change Musk can bring to Twitter and if the company is in dire straits the way Musk suggests.
"No, we don't think Twitter is broken. In need of improvements? Sure, but not broken," Evercore analyst Mark Mahaney said in a note to investors on Monday.
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