Saudi Arabian investor Prince Alwaleed bin Talal, who had previously spurned Elon Musk’s bid for Twitter TWTR, +0.39%, now is planning to keep his 35 million-share stake in the company after the merger, according to a new Securities and Exchange Commission filing from Musk. Musk also detailed $7.2 billion in equity commitment letters, including $1 billion from Larry Ellison, the co-founder of Oracle, as well as the crypto exchange Binance and Qatar’s sovereign-wealth fund. The SEC filing says talks are continuing with shareholders including Jack Dorsey about retaining their stakes in Twitter. Twitter shares rose over 3% to $50.55 in premarket trades, closing the gap on Musk’s $54.20 per share offer.
SOURCE: Market watch
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