Elon Musk secures US$7B for Twitter takeover from investor group

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

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 US$6.25 billion from US$12.5 billion announced earlier, the filing revealed.

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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.

2:15 Questions, uncertainty remain over Elon Musk’s Twitter buyout

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.