Friday, September 30, 2022

SEC Filing Reveals The Major Backers of Musk’s Twitter Acquisition

Many times when major business deals happen, there’s usually a lot more going on in the background and that’s exactly what a recent SEC filing has revealed about Elon Musk’s recent acquisition of social media platform Twitter.

According to earlier reports by CryptoMarketsBeat, Elon Musk acquired ownership of Twitter for $44 billion. However, the bid was backed by private individuals and business entities, who thought to put their weights behind the businessman. In total, they contributed no less than $7.1 billion to the cause, as Elon Musk made good with his intentions.

SEC Filing Reveal Musk’s Backers

Musk’s acquisition plans drew support from the likes of crypto exchange Binance, which committed $500 million to the bid. Meanwhile, other backers include Sequoia Capital ($800 million), Qatar Holdings with $375 million, Fidelity Investments ($316 million), Andreessen Horowitz ($400 million), and others.

List of Contributors to Musk’s Twitter Acquisition. Source: SEC

There are other investors that might not be captured in the table above. One of such, is Saudi Arabian billionaire Al Waleed bin Talal Al Saud. Al Saud made his commitment using Twitter shares he holds. At $54.20 per share, he invested a total of 34,948,975 TWTR shares.

Meanwhile, the largest investment, as seen in the table above, is the $1 billion contribution from Lawrence Ellison Trust.

Policy Changes Inevitable At Twitter

Musk taking over the affairs of Twitter, comes with a degree of expectations, especially among Web3 enthusiasts. The Tesla man is known to wield his influence every now and then, and now should be no different. At least, he’s not the father of Dogecoin for nothing.

He’s also a free speech advocate. In fact, he always criticized the platform’s former policies, especially as it concerns free speech. And now that he has control, we can only expect the changes sooner or later. To that effect, Musk issued a statement after acquiring Twitter. He said in part:

“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated.”

Additionally, Musk acknowledged that the Twitter platform has unimaginable potential, and he actively looks forward to unlocking it with the platform’s community of users.

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