Multi-billionaire Elon Musk will serve as Twitter’s new CEO following his $44 billion purchase of the social media platform.
The Daily Mail reports:
News of Musk’s new position broke shortly after it was revealed the world’s richest man has 18 investors committed to collectively stump up more than $7 billion worth of equity to help fund his takeover.
In a filing on Thursday, Musk said that Oracle Corp co-founder Larry Ellison’s trust will invest $1 billion towards the $44 billion purchase of the social-media platform.
Musk said he had also received equity commitment letters from investors including Sequoia Capital ($800m) and Brookfield ($250m) for financing of $7.14 billion.
The filing also listed Saudi Arabia’s Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud as having committed 34,948,975 Twitter Inc shares ‘in order to retain an equity investment in Twitter following completion of the Merger,’ the filing said. Prince Alwaleed initially opposed the buyout.
It was reported last week that 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.
It’s not yet clear how long Musk will serve in the role.
