We’re trying to remember a time when Twitter (TWTR) was not in the news. This week's big scoop is that Elon Musk has received letters from investors committing nearly $7.1b in new financing for his takeover of the social media giant. The largest equity commitment is $1b from Oracle (ORCL) founder and major Tesla (TSLA) shareholder Larry Ellison, followed by $800m from Sequoia Capital, $700m from VyCapital, $500m from crypto company Binance, and $400m from Andreessen Horowitz.
Existing Twitter shareholder Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud of Saudi Arabia is committing around 35 million shares of the company to retain an investment in it after Musk takes it private.
Amidst the news, Musk himself plans to serve as interim CEO, once the deal is closed.