Elon Musk had promised to raise $20 billion of equity to pay for Twitter, yet it’s still unclear where that money will come from.
On Thursday, Musk secured partners to raise $7 billion to fund his buyout of the social media company.
Musk said in the filing that he had secured new investments from investors, including Oracle co-founder Larry Ellison, Sequoia Capital, Brookfield, and Fidelity, among others.
The move also means that the $12.5 billion margin loan he received from Morgan Stanley to purchase Twitter is now reduced to $6.25 billion.
On top of over $1.5 billion per year in debt servicing costs, Musk will also have to pay Twitter employees cash to make up for the stock-based compensation they’re currently receiving.
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