Elon Musk's Twitter receives fresh investments from Dorsey, Saudi Prince after takeover

Tesla CEO Elon Musk has officially taken over Twitter last week, after completing a $44 billion acquisition deal. With the support of loans and investors who consented to roll over their interest in the microblogging platform in return for a stake in the new private firm, Musk acquired Twitter Inc. After purchasing the company, the billionaire will serve as its CEO, further intending to make adjustments to Twitter's verification process and slashing jobs. As per a filing with the United States Securities and Exchange Commission on Monday, October 31, Twitter co-founder Jack Dorsey has transferred his entire stake in the firm, consisting of 18 million shares, worth close to $978 million at the buyout price of $54.20, BBC reported. Dorsey, who resigned from Twitter's board in May, backed Musk's decision to buy the company. Earlier,Jack Dorsey stated in a tweet following the former management team of the company's approval of the takeover, “Elon is the singular solution I trust. I trust his mission to extend the light of consciousness”. It is pertinent to mention that with Musk's own money, the money of a number of other investors, and around $13 billion in debt financing, Tesla's CEO funded his acquisition. Saudi Prince has rolled over 34.948 million Twitter shares Besides this, according to a filing with the US government, Prince Alwaleed bin Talal bin Abdulaziz of Saudi Arabia and the Kingdom Holding Firm are the second-largest investors in the newly privatised company. Prior to the Musk purchase, Prince Alwaleed was a significant Twitter investor, BBC reported. On Monday, Saudi Arabia's Prince Alwaleed noted in a Securities and Exchange Commission filing that he had fulfilled his $1.9 billion commitment, Forbes reported. The Saudi monarch tweeted on Friday, "Dear friend "Chief Twit" @elonmusk Together all the way @Twitter," with a photo of a statement from the prince's publicly traded investment company, Kingdom Holding, and his personal office announcing that the prince had been rolling over his 34.948 million shares of Twitter, valued at $54.20 per share based on Musk's offer. Currently, Alwaleed and Kingdom Holding jointly hold 4% of Twitter, Forbes reported. He tweeted that the position fits with Kingdom Holding Company's "long-term investment strategy." Dear friend "Chief Twit" @elonmusk Together all the way 🤝🏻 @Twitter https://t.co/J9rnd013xz pic.twitter.com/bXo6RUaUwk — الوليد بن طلال (@Alwaleed_Talal) October 28, 2022 Meanwhile, as per a Bloomberg report, $375 million has been given by a subsidiary of Qatar's sovereign wealth fund in return for shares in Elon Musk's Twitter. (Image: AP/ Shutterstock)

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Elon Musk's Twitter receives fresh investments from Dorsey, Saudi Prince after takeover

With investors who consented to roll over their interest in the microblogging platform in return for a stake in the new private firm, Musk acquired Twitter Inc

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