PARIS OLYMPIC GAMES
Twitter has a new line-up of top investors following Elon Musk’s $44 billion acquisition of the social media platform.
As of November 2022, major Twitter shareholders comprised Elon Musk, Saudi Arabia’s Prince Al Waleed bin Talal, Twitter’s co-founder Jack Dorsey, Qatari sovereign wealth fund, and head of head of cryptocurrency exchange Binance, according to documents seen by Persecondnews.com Thursday.
Elon Musk, the richest man in the world is the sole director of twitter as a result of the takeover and as appointed himself its Chief Executive officer.
Saudi Arabia’s Prince Al Waleed bin Talal Al Saud has revealed that the rollover of their ownership of the existing Twitter shares (34,948,975 shares) valued at US$1.89 billion to the ‘new Twitter, led by Elon Musk, KHC & PO are jointly the second largest investor after Elon Musk” .
“This deal is in line with the long-term investment strategy for which Kingdom Holding Company is known for, according to a statement from the office of the Prince.
Twitter co-founder Jack Dorsey has a little more than 18 million shares following Mr Musk’s acquisition, a filing on the US Securities Exchange showed.
“As of the Reporting Event Time, Mr Dorsey beneficially owned an aggregate of 18,042,428 shares of Common Stock, which consisted of (i) 15,704,901 shares held of record by Mr Dorsey, Trustee of The Jack Dorsey Revocable Trust u/a/d 12/08/2010 and (ii) 2,337,527 shares held of record by the Dorsey LLC, the sole manager of which is Jack Dorsey, and the sole member of which is The Jack Dorsey Remainder Trust #3 u/a/d 6/23/2010, as decanted,” the filing stated.
It added that Mr Dorsey’s holding “represented 2.4 per cent of the Issuer’s outstanding shares of Common Stock”. It is worth about $978m at the merger price.
Mr Dorsey, who founded Twitter in March 2006, left the chief executive position in November last year to focus on Block — formerly known as Square — a California-based financial services and digital payments company.
He stepped down from Twitter’s board of directors in May.
An SEC filing on October 27 confirmed that the Qatari sovereign wealth fund, the Qatar Investment Authority, had contributed $375m in exchange for shares of Mr Musk’s holding company.
The head of cryptocurrency exchange Binance, which invested $500m in Mr Musk’s Twitter takeover, said he had a number of reasons for supporting the deal, including the possibility Mr Musk would transition Twitter into a company supporting cryptocurrency and the concept known as Web3, which many cryptocurrency enthusiasts envision as the next generation of the internet.
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