Twitter Inc said in a statement Thursday that Elon Musk has secured regarding $7.1 billion in new funding commitments for his proposed acquisition of the company valued at $44 billion.
The commitments come as the American billionaire is raising capital to fund one of the largest technology acquisitions to date.
Among the investors named in the file are Binance, Brookfield, Fidelity Management & Research, Lawrence J. Ellison Revocable Trust and Qatar Holding, according to Bloomberg.
Twitter shares rose 2.3% in pre-market trading.
On the other hand, Musk is in discussions with Twitter co-founder Jack Dorsey regarding contributing some of his shares to the acquisition. The company also said a previously announced margin loan for the deal was reduced to a total of $6.25 billion from $12.5 billion.
The world’s richest man reached an agreement on April 25 to acquire Twitter, using a financing scheme that alarmed some Tesla investors.
In addition to pledging tens of billions of dollars of his Tesla shares to back margin loans, Musk has pledged to raise $21 billion worth of equity. It was not clear how much of his stake in Tesla he would sell for this goal. Musk has already sold more than $8.5 billion of Tesla stock to fund the deal so far.
The Financial Times reported that Musk needs to raise $21 billion to finance the Twitter deal, in addition to loans from banks.
