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Musk raises $7 billion from investors for Twitter deal

San Francisco, May 5 (AP) Billionaire Elon Musk, who recently announced the acquisition of micro-blogging site Twitter, has managed to raise more than $7 billion from a group of investors for the deal.

Oracle co-founder Larry Ellison is among investors poised to be part of Musk’s investment proposal.

Sequoia Capital Fund has committed $800 million and ViCapital $700 million in the Twitter acquisition deal, according to information provided to the US Securities and Exchange Commission.

However, Ellison has been at the forefront, who has agreed to invest one billion dollars. He is also on the board of directors of Alison Musk’s company Tesla.

In addition, Saudi Crown Prince Alwaleed bin Talal bin Abdulaziz Alsaud has pledged $35 million to buy Twitter shares in support of Musk.

Musk previously said he had sold $8.5 billion worth of Tesla shares to raise funds for the $44 billion deal. He later declined to sell his further stake in Tesla. Thus, they will need outside support to complete the deal.

The information given to the Securities Commission also said that Musk is also talking with other people including Jack Dorsey, the former chief executive of Twitter. Dorsey is second only to Musk in terms of personal stake in Twitter.

AP Prem Prem Raman



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