In the latest installment of Elon Musk’s Twitter saga, a group of 19 investors are backing his $44B buyout with $7.1B+ in new financing.
What’s this mean? It makes the deal more affordable for Musk by reducing the cash he’s responsible for laying out, as well as the Tesla shares he needs to put up against a $12.5B loan — by 50%.
The largest investor on the list…
… is Prince Alwaleed bin Talal, of Saudi Arabia. Originally, the prince tweeted that Musk’s offer didn’t come “close to the intrinsic value of Twitter.” Musk responded by asking him about “the Kingdom’s views on journalistic freedom of speech.”
In a flip-flop, the prince is now putting up $1.9B in financing and tweeted that Musk will be an “excellent leader.”
What happens now? CNBC reported Musk is expected to become Twitter’s CEO for a few months. Current CEO Parag Agrawal, who himself has had the gig for just a few months, is set to receive $42m if he loses his job.
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