Elon Musk has blown hot and cold with his intention to take social media platform Twitter, Inc. TWTR private. This has set in motion discussions regarding his intent and the sources of funding.
Close on the heels of a Reuters report that said the fund-raising efforts are put on hold amid the uncertainty surrounding the deal, a Bloomberg report highlighted funding commitment from a financier, who is close to a Russian business tycoon.
A firm named VyCapital has agreed to contribute $700 million in funding toward the Twitter acquisition, Bloomberg reported, citing an amendment to the 13D filing by Twitter. The equity capital committed by VyCapital is the third-highest by an outside equity investor after Oracle Corporation ORCL co-founder Larry Ellison's $1 billion and Sequoia Capital's $800 million.
VyCapital, the report pointed out, is a Dubai-based investment firm and now has assets under management of over $5 billion. The investment firm is founded by Alexander Tamas, who had reportedly worked closely with Russian-Israeli billionaire Yuri Milner.
VyCapital has previously funded Musk's Boring Company, Bloomberg said, citing PitchBook Data. Tamas has also invested in the Tesla, Inc. TSLA CEO's other ventures, SpaceX and Neuralink, the report said.
Tamas' LinkedIn profile shows that he previously worked for Goldman Sachs Group, Inc. GS in its investment banking division as an Internet and Software analyst.
Price Action: Twitter closed Wednesday's session 0.77% higher at $40.44, according to Benzinga Pro data.
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