Elon Musk bought Twitter last week for $44 billion with the help of Wall Street bank loans and shareholders who agreed to roll over their interest in the social media service in exchange for a stake of the new private company.
That means Twitter, whose shares were delisted last week after almost a decade as a public company, has a new lineup of top investors.
Prince Alwaleed bin Talal
Regulatory filings show the Saudi Prince moved almost 35 million Twitter shares through the Kingdom Holding, worth about $1.9 billion (roughly Rs. 15,700 crore) at the $54.20 (roughly Rs. 4,500) per share sale price. That made him the “second-largest investor” in the new parent company.
Alwaleed was quick to endorse Musk’s plan to acquire Twitter, saying in May that Musk would be “an excellent leader” for the social media company.
Jack Dorsey
Twitter’s co-founder and former chief executive officer rolled over just more than 18 million shares, or about 2.4 percent of the public company, worth about $978 million (roughly Rs. 8,090 crore) at the merger price. That gave him shares of Musk’s X Holdings I, which controls Twitter.
After Musk first agreed to buy Twitter in April, Dorsey lamented that the company was “owned” by Wall Street and said that taking it private was the “correct” first step.
Qatar Investment Authority
A subsidiary of the sovereign wealth fund of Qatar contributed $375 million (roughly Rs. 3,100 crore) in exchange for shares of Musk’s holding company.
The Bloomberg Billionaires Index estimates the value of the stakes rolled over from Twitter stock declined by about 40 percent since Musk made his offer in April, based on a drop in an index of social-media company shares.
© 2022 Bloomberg LP
For all the latest Technology News Click Here
For the latest news and updates, follow us on Google News.
