Elon Musk is the new owner of social media giant Twitter, this after he completed a $44 billion buyout last Thursday. The purchase was completed with the help of Wall Street bank loans as well as the shareholders who have agreed to roll over their interest in Twitter in exchange for the stake in the company, Bloomberg reported.
On Monday, Musk said in a filing that he will be serving as the chief executive of Twitter. “The following persons, who were directors of Twitter prior to the effective time of the merger, are no longer directors of Twitter: Bret Taylor, Parag Agrawal, Omid Kordestani, David Rosenblatt, Martha Lane Fox, Patrick Pichette, Egon Durban, Fei-Fei Li and Mimi Alemayehou”, he said in the filing.
Twitter’s shares were delisted last week after nearly a decade as a public company. Now, the social media giant as a new lineup of new investors.
Prince Alwaleed bin Talal
According to the regulatory filing, Saudi prince Alwaleed bin Talal moved almost 35 million Twitter shares via the Kingdom Holding Co. which are worth $1.9 billion at $54.40 per share sale price, Bloomberg reported. The Saudi prince is the second largest investor in the now private company.
Alwaleed, who said Musk would be an excellent leader for the social media giant, owns chunks of private and public companies in the United States, Europe and the Middle East through Kingdom Holding Co, Forbes reported.
According to the report, Dorsey rolled over more than 18 million shares worth $978 million. After Musk had agreed to buy Twitter in April, Dorsey had lamented that the company was owned by Wall Street and taking it private was the first correct step.
Qatar Investment Authority
The Middle East country’s subsidiary of the sovereign wealth contributed $375 million in exchange for the shares of Musk’s holding company.
A subsidiary of the sovereign wealth fund of Qatar contributed $375 million in exchange for shares of Musk’s holding company.
The Bloomberg Billionaires Index estimates the value of the stakes rolled over from Twitter stock declined by about 40% since Musk made his offer in April.
After taking over the reins of Twitter, Elon Musk has announced several changes into the social media app. He announced the setting up of content moderation council which according to him will include wide range of diverse voices. He also hinted at reviewing the word limits in tweets.
Musk has also revamped the verification process, with some reports suggesting a monthly fee of $20 will be levied for blue badge. Today, in a reply to author Stephen King who objected to the fee, Musk said the company needed to pay its bills.
(With Bloomberg inputs)