The $800 million finance for Twitter’s buyout is still supported by Sequoia Capital’s CEO, Roelof Botha. Botha is firmly convinced of Musk’s commercial acumen and thinks the company can be effectively turned around under his leadership.
Botha stated at a recent WSJ Tech Live conference that “Elon has achieved success in many various areas… He thinks brilliantly from primary principles. After carefully examining Twitter’s financial statements and consulting with numerous staff, Sequoia initially decided to provide funding for the deal.
Botha also covered the prospects for monetizing the social media platform through subscriptions and payment integration in addition to advertising revenue.
Botha thinks Musk can fix Twitter’s spam problems and account verification while also planning a profitable turnaround for the service.
Botha and Musk have been friends for a very long time since Musk launched PayPal Holdings. Musk’s other start-ups, such as the tunnel-building company The Boring Co. and the rocket company SpaceX, have also received funding from Sequoia Capital.
Co-investors have been advised that Musk expects to complete the $44 billion takeover by this Friday. According to a Bloomberg article, even the banks financing the debt part have completed the paperwork and are already signing it.
The value of TWTR stock has increased by 27.1% in the past month as the deal approaches the conclusion. The TWTR stock has been under pressure because of the legal dispute with Musk, but it is now almost exactly trading at the $54.20 per share purchase price that was agreed upon.
