Citadel's Ken Griffin among Elon Musk backers in $44 billion Twitter buyout: report
Ken Griffin, the billionaire founder of Citadel Securities, reportedly committed millions to Tesla Inc TSLA CEO Elon Musk's takeover of Twitter Inc TWTR, but this has not been disclosed.
What happened: Griffin pledged about $20 million for Musk's privatization deal, Bloomberg reported Thursday, citing a person familiar with the matter.
Although Musk has not publicly disclosed Griffin's involvement, the hedge fund manager was reportedly among a handful of high profile people subpoenaed by Twitter in August as he was wrangling in court to get the Tesla CEO to finalize his takeover plan. . He was described by the social media company as an "actual or potential" co-investor.
See also:Elon Musk sees long-term potential on Twitter despite "obviously overpaid ' For that
Why it matters: Musk and Twitter agreed on an October 28 deadline to finalize the $44 billion deal, though the billionaire's U-turn in beginning of the month could pose a headache for the banks financing the takeover.
Musk has reportedly raised about $15 billion in cash by cutting his stake in Tesla since launching his Twitter offering in April and he may need to cut his stake further depending on the funding external that it manages to secure.
Griffin's involvement was reported earlier by The Washington Post, which also noted that former backers such as Peter Thiel and LinkedIn founder Reid Hoffman had now withdrawn from agreement funding.
Price Action: Twitter shares ended up 1.1% at $52.44 on Thursday, before falling 0.4% in after-hours trading, according to Benzinga Pro data.
See also: How to Buy Twitter Shares (TWTR)
Photo courtesy: Citadel
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ken Griffin, the billionaire founder of Citadel Securities, reportedly committed millions to Tesla Inc TSLA CEO Elon Musk's takeover of Twitter Inc TWTR, but this has not been disclosed.
What happened: Griffin pledged about $20 million for Musk's privatization deal, Bloomberg reported Thursday, citing a person familiar with the matter.
Although Musk has not publicly disclosed Griffin's involvement, the hedge fund manager was reportedly among a handful of high profile people subpoenaed by Twitter in August as he was wrangling in court to get the Tesla CEO to finalize his takeover plan. . He was described by the social media company as an "actual or potential" co-investor.
See also:Elon Musk sees long-term potential on Twitter despite "obviously overpaid ' For that
Why it matters: Musk and Twitter agreed on an October 28 deadline to finalize the $44 billion deal, though the billionaire's U-turn in beginning of the month could pose a headache for the banks financing the takeover.
Musk has reportedly raised about $15 billion in cash by cutting his stake in Tesla since launching his Twitter offering in April and he may need to cut his stake further depending on the funding external that it manages to secure.
Griffin's involvement was reported earlier by The Washington Post, which also noted that former backers such as Peter Thiel and LinkedIn founder Reid Hoffman had now withdrawn from agreement funding.
Price Action: Twitter shares ended up 1.1% at $52.44 on Thursday, before falling 0.4% in after-hours trading, according to Benzinga Pro data.
See also: How to Buy Twitter Shares (TWTR)
Photo courtesy: Citadel
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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