Elon Musk has received $7.14 billion (roughly Rs. 54,485 crore) from a group of investors, including Oracle co-founder Larry Ellison, to fund his $44 billion (roughly Rs. 3,37,000 crore) acquisition of Twitter on Thursday.
Musk disclosed in a complaint that he had received equity commitment letters from investors including Sequoia Capital, Brookfield, Qatar Holding, and others.
The measure comes as Musk''s margin loan was reduced to $6.25 billion (roughly Rs. 47,700 crore) from $12.5 billion (roughly Rs. 95,419) previously announced.
According to a filing, Musk will continue to hold discussions with existing Twitter customers, including the company''s former CEO Jack Dorsey.
Musk appeared in discussions with big investment firms and high net-worth individuals about acquiring more funding for his Twitter acquisition and ties up less of his wealth in the deal, according to Reuters last week.
Elon Musk is in discussions with major investment firms and high net-worth individuals to obtain more financing for his Twitter acquisition of $44 billion (roughly Rs. 3,37,000 crore). The majority of Musk''s wealth is tied up in Tesla shares, of which he earned $8.5 billion (roughly Rs. 95,700 crore) to buy Twitter. He also said to have pledged some of his Tesla shares to banks to provide a $12.5 billion margin loan, but that should now be reduced due to the fresh investment from investors