Twitter deal latest updates: ‘hard part for Musk is fixing Twitter’
Invezz is an independent platform with the goal of helping users achieve financial freedom. In order to fund our work, we partner with advertisers who compensate us for users that Invezz refers to their services. While our reviews and assessments of each product on the site are independent and unbiased, brands may pay to appear higher up our table rankings or place ads in specific areas of the site. The order in which products and services appear on Invezz does not represent an endorsement from us, and please be aware that there may be other platforms available to you than the products and services that appear on our website. Read more about how we make money >
May 5, 2022
He’s expected to take on the top position at Twitter once the deal closes.
Wedbush’s Dan Ives discussed the updates on CNBC’s “Squawk Box”.
Elon Musk on Thursday said he’s secured another $7.14 billion in outside funding to execute the Twitter Inc (NYSE: TWTR) deal. Shares of the microblogging company are up 4.0% this morning.
Oracle co-founder made the largest contribution
The SEC filing reveals notable names as investors, including Larry Ellison (co-founder of Oracle), Binance (crypto exchange), and Sequoia Capital (private equity company) among several others.
Are you looking for fast-news, hot-tips and market analysis?
Sign-up for the Invezz newsletter, today.
The largest contribution came from Ellison worth $1.0 billion. Interestingly, Saudi Prince Alwaleed bin Talal, who was initially against the takeover, also opted to roll his $1.89 billion stake into the deal.
Also on Thursday, sources that preferred to remain anonymous told CNBC’s David Faber that Musk himself is expected to take on the top position at Twitter once the $44 billion transaction is complete.
Wedbush Securities’ Dan Ives reacts to the news
The new funding means Elon Musk will have to sell less of Tesla shares to finance the buyout. Commenting on the news, Wedbush Securities’ Dan Ives said on CNBC’s “Squawk Box”:
I don’t think Binance here is a coincidence. It’s looking two, three steps ahead. Remember, the easy part for Musk was buying Twitter, the hard part will be fixing it. Sequoia, Ellison, Binance, and others will be key in transforming Twitter.
He’s now 90% sure that the Twitter deal will get done. According to Ives, it will be a smart move to have co-founder and 2nd largest individual shareholder of Twitter, Jack Dorsey, roll his stake into the deal as well.
68% of retail CFD accounts lose money
Stocks & Shares