Qatar fund contributes $375m to Elon Musk’s Twitter buyout

An image of Elon Musk is seen on smartphone placed on printed Twitter logos in this picture illustration taken April 28, 2022.

Qatar Holding LLC, the main investment subsidiary of the state’s Qatar Investment Authority, pledged $375 million to the Tesla owner’s buyout of the social media giant.

A subsidiary of Qatar’s sovereign wealth fund is contributing $375 million to Elon Musk’s buyout of Twitter, according to official US documents published on Thursday.

Qatar Holding LLC, the main investment subsidiary of the Qatar Investment Authority (QIA), is one of almost 20 companies that have pledged a total of $7.1 billion for the buyout, according to the United States Securities and Exchange Commission.

Saudi Arabia’s Prince Alwaleed bin Talal, chairman of the board at the Kingdom Holding Company (KHC), said KHC would be rolling over its approximately $1.9 billion investment in Twitter – despite his criticism of Musk’s takeover a few weeks ago.

Musk – the world’s richest man – struck a deal at the end of last month to buy Twitter for $44 billion. He has sold $8.5 billion of shares in his automotive company Tesla to raise cash for the deal.

Rights groups decried the takeover, expressing fears that the platform would relax enforcement policies against harmful content.

As Qatar tries to diversify its investments, the QIA – one of the world’s largest sovereign wealth funds – is shifting away from investments in trophy assets like property and investing more in technology companies, Bloomberg reported in March.

Source: Al Araby