May 5, 2022
Elon Musk lines up $7bn backing for Twitter deal
Billionaire Elon Musk has lined up 19 new investors to help with his $44bn purchase of Twitter. Mr Musk, who has more than 80 million followers on Twitter, surprised many in April when he announced his interest in the site, taking a 10% stake in the platform and starting to push publicly for improvement. Qatar Holding, a sovereign wealth fund, is contributing $375m, while Saudi Arabian investor Prince Alwaleed bin Talal, who had initially opposed the buyout, also confirmed he would retain his $1.9bn stake in Twitter, writing that Mr Musk would be an "Excellent leader" for the site. Mr Musk will also continue to hold talks with existing shareholders of Twitter, including the company's former chief Jack Dorsey, to contribute shares to the proposed acquisition, according to the filing. Shares in Twitter rose after the new commitments were revealed, but continue to trade lower than Mr Musk's buyout price of $54.20 - a sign of lingering questions about the deal.
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