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Musk’s Twitter investors revealed

Author: Editors Desk Source: RT
November 1, 2022 at 08:20
© Getty Images / Onur Dogman
© Getty Images / Onur Dogman

Co-founder Jack Dorsey, a Saudi prince and Qatar’s sovereign wealth fund poured billions into the newly private company

Twitter’s top investors after the company was bought by Elon Musk include the platform’s co-founder Jack Dorsey, Saudi Prince Alwaleed bin Talal, and a subsidiary of the sovereign wealth fund of Qatar, regulatory filings show.

Musk closed the $44 billion deal to purchase the social network platform last week after several months of negotiations and immediately fired some of Twitter’s top executives.

The Saudi prince maintained his Twitter stake after moving nearly 35 million shares, worth about $1.9 billion at the $54.20 per share sale price, through the Kingdom Holding Company. This made the corporation and the private office of Prince Alwaleed Bin Talal the second-largest investor in the newly private company.

Jack Dorsey, who co-founded the social media platform and previously served as its chief executive officer, rolled over more than 18 million shares, or about 2.4% of the company, worth about $978 million at the merger price. The investment gave Dorsey shares of Musk’s X Holdings I, which controls Twitter.

READ MORE: Musk fires top Twitter executives – media

Meanwhile, Qatar’s sovereign wealth fund contributed $375 million in exchange for a stake in the new company.

For more stories on economy & finance visit RT's business section

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