Billionaire businessman <a href="https://www.thenationalnews.com/business/technology/2022/05/05/elon-musk-receives-about-71bn-in-new-financing-for-twitter/" target="_blank">Elon Musk</a> has secured more than<a href="https://www.sec.gov/Archives/edgar/data/1418091/000110465922056055/tm2214608-1_sc13da.htm"> </a><a href="https://www.sec.gov/Archives/edgar/data/1418091/000110465922056055/tm2214608-1_sc13da.htm" target="_blank">$7.1 billion</a> in new equity funding from a group of investors to help finance his $44bn acquisition of Twitter. Eighteen investors have made commitments ranging between $850,000 and $1bn, according to a regulatory filing in the US Securities and Exchange Commission. Last month, Twitter entered a definitive agreement to be acquired by an entity wholly-owned by <a href="https://www.thenationalnews.com/business/technology/2022/05/10/elon-musk-says-he-would-lift-twitter-ban-on-donald-trump-after-deal-is-done/" target="_blank">Mr Musk</a>, for $54.20 per share in cash. Upon completion of the transaction, which is expected to be done by the end of this year, Twitter will become a privately held company. <i>The National</i> looks at prominent names who are backing the founder and chief executive of <a href="https://www.thenationalnews.com/business/2022/04/07/tesla-marks-opening-of-texas-gigafactory-with-flashy-celebration/">Tesla</a> and <a href="https://www.thenationalnews.com/world/us-news/2022/02/10/elon-musk-to-give-spacex-starship-update/">rocket company SpaceX</a> to acquire Twitter. Texas-based technology titan Oracle’s founder Larry Ellison, who is worth more than $95bn, has committed $1bn to back Mr Musk's bid. Mr Ellison, who also sits on Tesla’s board and is a good friend of Mr Musk, is shelling out the biggest share among the 18 investors. Currently, his share in Tesla<b> </b>is worth more than $14bn, according to Bloomberg. The world’s largest cryptocurrency exchange, Binance, has committed an investment of $500 million in Mr Musk’s Twitter takeover. Founded in China in 2017, the company has its headquarters in the Cayman Islands and Seychelles. In the past, it has faced increased scrutiny from regulators in the US, UK, Europe and China. It has since taken steps to improve its relationship with the regulators. Dubai-based tech investment firm Vy Capital will invest $700m in the Twitter deal. Last month, it also led a $675m funding round in Mr Musk’s lesser-known The Boring Company. The round valued the start-up at $5.7bn. The tunnelling company is working on a high-speed hyperloop transport system. Last month, it said it is nearing a major milestone. Another investor in Mr Musk’s Boring Company, California-based venture capital firm Sequoia Capital, has pledged $800m for the Twitter deal. The company’s partner Roelof Botha was the chief financial officer at FinTech firm PayPal when Mr Musk was its chief executive, nearly two decades ago. “For over two decades, we’ve had a front row seat to Elon’s business and technical prowess, from <a href="http://x.com/" target="_blank">X.com</a>, which became PayPal, to SpaceX and The Boring Company. We see, as he does, the opportunity to drive meaningful product innovation that will help unlock Twitter’s full potential as a global platform that connects the world,” Sequoia said in a statement. AH Capital Management, the investment adviser of Andreessen Horowitz (A16Z), has committed $400m.<b> </b>Founded in Silicon Valley in 2009 by Marc Andreessen and Ben Horowitz, A16Z is a venture capital firm that backs technology entrepreneurs. It has $28.2bn in assets under management across multiple funds. Qatar Holding, a subsidiary of the Gulf state’s sovereign wealth fund Qatar Investment Authority, will invest $375m. Established in 2005, QIA aims “to protect and grow Qatar’s financial assets and to help diversify the economy”, the authority said on its website. Its investments span across major global markets, asset classes, sectors and geographies. Miami-based Aliya Capital Partners has committed $360m.<b> </b>It is currently investing in innovative and disruptive companies including Airbnb, SpaceX, Robinhood, Grab, Brex, Chime, Stripe, Impossible Foods and Paytm, among others. Toronto-based Brookfield will invest $250m in the Twitter deal. It has nearly $690bn in assets under management across various segments such as real estate, infrastructure, private equity and credit — including through affiliate Oaktree Capital Management. “We put our own capital to work alongside our partners’ in virtually every transaction, aligning interests and bringing the strengths of our operational expertise, global reach and large-scale capital to bear on everything we do,” it said on its website. Established in 2006, Strauss Capital, is a privately-held investment banking firm. It has committed $150m to Mr Musk. Its clients include established and emerging middle market companies. Saudi Arabian billionaire investor Prince Alwaleed bin Talal, who had earlier opposed Mr Musk’s buyout attempt, agreed to roll over his 34.9 million shares into the deal, according to the Thursday filing. At $54.20 a share, it will be a stake worth about $1.9bn in the microblogging platform. Prince Alwaleed, who owns a stake in <a href="https://www.thenationalnews.com/business/markets/2022/04/14/elon-musk-offers-to-buy-100-of-twitter-for-roughly-43bn/">Twitter</a> through his Kingdom Holding Company, had initially said Mr Musk’s offer did not “come close to the intrinsic value of Twitter given its growth prospects”.
