Elon Musk has secured $7.14 billion (roughly Rs. 54,485 crore) in funding from a bunch of buyers that features Oracle co-founder Larry Ellison to fund his $44 billion (roughly Rs. 3,37,000 crore) takeover of social-media platform Twitter, based on a submitting on Thursday.

Musk revealed in a submitting he had acquired fairness dedication letters from buyers together with Sequoia Capital, Brookfield, Qatar Holding and others.

The transfer comes as Musk’s margin mortgage was decreased to $6.25 billion (roughly Rs. 47,700 crore) from $12.5 billion (roughly Rs. 95,419) introduced earlier, the submitting revealed.

Musk will proceed to carry talks with present holders of Twitter, together with the corporate’s former chief Jack Dorsey, to contribute shares to the proposed acquisition, the submitting confirmed.

Reuters final week reported Musk was in talks with giant funding corporations and excessive net-worth people about taking up extra financing for his Twitter acquisition and tying up much less of his wealth within the deal.

Earlier this week, it was reported that Elon Musk was in talks with giant funding corporations and excessive net-worth people about taking up extra financing for his Twitter acquisition of $44 billion (roughly Rs. 3,37,000 crore). Most of Musk’s wealth is tied up in Tesla shares, of which he bought $8.5 billion (roughly Rs. 65,100 crore) to purchase Twitter. He additionally reportedly pledged a few of his Tesla shares to banks to rearrange a $12.5 billion (roughly Rs. 95,700 crore) margin mortgage, however that ought to now be decreased with the brand new funding from buyers.