Elon Musk lines up $7bn backing for Twitter deal
Billionaire Elon Musk has lined up 19 new investors to help with his $44bn (£35.5bn) purchase of Twitter, News.az reports.
The commitments, totalling 7.1bn, will allow Mr Musk to reduce his own risk in the deal which has been approved by Twitter's board but not completed.
Oracle co-founder and Mr Musk's friend, Larry Ellison, is the single biggest contributor with $1bn.
Other investors include renowned Silicon Valley venture firm Sequoia Capital and crypto exchange Binance.
There is still some uncertainty that Mr Musk - also chief executive of electric car maker Tesla and rocket company SpaceX - will pull off his planned buyout.
Mr Musk, whose rank as the world's richest person is tied to the value of his stake in Tesla, has said he plans to finance the purchase through a mix of loans, investments and cash.
In recent weeks, he sold about $8.5bn worth of Tesla shares, money that is expected to be used to fund the deal. He has lined up $13bn in loans from banks and is also borrowing against his Tesla holdings.
The new $7.1bn commitment will allow him to reduce that debt from an initially proposed $12.5bn to $6.25bn, according to the government filing.
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