Musk has raised $7.14 billion of funding from investors including Larry Ellison, a co-founder of Oracle, and asset management firms.
With the new financing commitments, Musk will increase the equity portion of the loan by half to $27.25 billion and cut the margin loan by half to $6.25 billion. Global banks will raise debt to pay the rest of the purchase price.
Even as traditional private equity firms have largely avoided the transaction, the CEO of the company has been in a frantic effort to get outside backing to join his audacious bid for the social media platform.
The deal would make Musk a social media baron with control over how millions of people get news and information.
In pre-market trading, the shares of the social networking company were up by 2% to over $50. The stock price has remained below the $54.20 per share offer made by Musk as investors worry that he would not be able to complete the deal. If he abandons the transaction, he would have to pay $1 billion.
Ellison, who also sits on the board of the company, is contributing $1 billion towards the deal. Vy Capital is giving $700 million, while Sequoia is giving $800 million. $500 million is being provided by Binance.
Advertisement35 million shares will be rolled into the bid vehicle by Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, which equates to a $1.9 billion stake.
The Saudi Prince wrote that he believedelonmusk would be an excellent leader for the social network.
Prince Alwaleed had initially rejected Musk's takeover bid, saying he did not believe the offer was close to the value of the company.
Existing shareholders will be given an option to contribute their shares to the deal. He said in the filing that the financing commitments may be replaced if more contributions are made.
According to people briefed on the matter, the group of investors backing Musk's bid does not include many private equity groups that held conversations with the South African businessman.
The two private equity executives decided to stay out of the bid because it would be hard for them to influence the direction of the company.
The platform for free speech around the globe will be unlocked by Musk, indicating he intends to loosen its content moderation policies.
In recent weeks, the company has written to advertisers to assure them that their ads are not placed next to harmful or offensive content.
Regulators and politicians around the world seem to be on a collision course with Musk. The EU's commissioner for the internal market told the Financial Times that Musk's ownership of the company must comply with social media moderation or face fines or a ban.
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