TECH - Investor Group Led By Elon Musk Faces $17B Drubbing Post Twitter Buyout | Benzinga
The high-profile buyout of Twitter, now rebranded as X, led by Elon Musk, which involved a group of 19 investors, has reportedly resulted in a massive $17 billion loss.
What Happened: Musk and his co-investors, including the Andreessen-Horowitz VC fund, Oracle founder Larry Ellison, Sequoia Capital, and Ron Baron, pooled together $7.1 billion to acquire Twitter shares, reported Fast Company.
Other notable players, such as Fidelity and Saudi Arabia's sovereign wealth fund, traded their Twitter stakes for shares in "X," the entity used for the takeover.
The investment has soured a year post-acquisition, with investors seeing their stakes depreciate by about $4.6 billion. Banks that lent $13 billion to "X" ...