Musk Raises 9 Trillion Won Investment to Acquire Twitter... Including Saudi Prince

[Image source=Reuters Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] Elon Musk, CEO of Tesla, has secured an investment of $7.14 billion (approximately 9 trillion KRW) to acquire Twitter.

The Wall Street Journal (WSJ) reported on the 5th (local time) that 19 investors, including Saudi Arabia's Prince Alwaleed bin Talal and Oracle founder Larry Ellison, are supporting Musk's acquisition of Twitter.

Currently, Musk needs to cover $46.5 billion (approximately 58.9 trillion KRW) for the Twitter acquisition, of which $21 billion (approximately 26.6 trillion KRW) must come from his own equity. However, this recent investment has eased the financial burden.

Since most of Musk's assets are Tesla and SpaceX stocks, he had to either sell Tesla shares or take out secured loans to fund the Twitter acquisition. However, concerns about huge taxes and loan limits were raised. WSJ stated, "With the investment secured, the amount Musk needs to borrow against Tesla shares has been cut in half."

Prince Alwaleed of Saudi Arabia decided to invest the largest amount among the 19 investors, $1.9 billion. Through Twitter, Prince Alwaleed said, "I believe my new friend Musk will be a great leader who can maximize Twitter's tremendous potential." Larry Ellison, Oracle founder and a member of Tesla's board, decided to invest $1 billion. Cryptocurrency exchange Binance and venture capital firm Sequoia also participated in the investment.

With Musk securing investors, the likelihood of completing the Twitter acquisition deal within this year has increased.

Meanwhile, CNBC reported, citing sources, that Musk is expected to take on the role of interim CEO directly after acquiring Twitter.

This content was produced with the assistance of AI translation services.