Musk secures over $7 billion funding from investors including Larry Ellison

[May 05, 2022]  (Reuters) - Elon Musk has secured $7.14 billion in funding from a group of investors that includes Oracle Corp co-founder Larry Ellison to fund his $44 billion takeover of social-media platform Twitter Inc, according to a filing on Thursday.

Larry Ellison, Founder and former CEO of Oracle Inc. watches a training race from a motor boat ahead of the America's Cup World Series sailing competition on the Great Sound in Hamilton, Bermuda, October 16, 2015. REUTERS/Mike Segar

Musk revealed in a filing he had received equity commitment letters from investors including Sequoia Capital, Brookfield, Qatar Holding and others.

The move comes as Musk's margin loan was reduced to $6.25 billion from $12.5 billion announced earlier, the filing revealed.

Musk will continue to hold talks with existing holders of Twitter, including the company's former chief Jack Dorsey, to contribute shares to the proposed acquisition, the filing showed.

Reuters last week reported Musk was in talks with large investment firms and high net-worth individuals about taking on more financing for his Twitter acquisition and tying up less of his wealth in the deal.

(Reporting by Nivedita Balu in Bengaluru; Editing by Shounak Dasgupta)

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