Prince Alwaleed will now back Elon Musk’s Twitter bid and retain stake after completion

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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