Billionaire businessman Elon Musk has secured more than $7.1 billion in new equity funding from a group of investors to help finance his $44bn acquisition of Twitter.
Eighteen investors have made commitments ranging between $850,000 and $1bn, according to a regulatory filing in the US Securities and Exchange Commission.
Last month, Twitter entered a definitive agreement to be acquired by an entity wholly-owned by Mr Musk, for $54.20 per share in cash. Upon completion of the transaction, which is expected to be done by the end of this year, Twitter will become a privately held company.
The National looks at prominent names who are backing the founder and chief executive of Tesla and rocket company SpaceX to acquire Twitter.
Larry Ellison
Texas-based technology titan Oracle’s founder Larry Ellison, who is worth more than $95bn, has committed $1bn to back Mr Musk's bid. Mr Ellison, who also sits on Tesla’s board and is a good friend of Mr Musk, is shelling out the biggest share among the 18 investors. Currently, his share in Tesla is worth more than $14bn, according to Bloomberg.
Binance
The world’s largest cryptocurrency exchange, Binance, has committed an investment of $500 million in Mr Musk’s Twitter takeover. Founded in China in 2017, the company has its headquarters in the Cayman Islands and Seychelles. In the past, it has faced increased scrutiny from regulators in the US, UK, Europe and China. It has since taken steps to improve its relationship with the regulators.
Vy Capital
Dubai-based tech investment firm Vy Capital will invest $700m in the Twitter deal. Last month, it also led a $675m funding round in Mr Musk’s lesser-known The Boring Company. The round valued the start-up at $5.7bn.
The tunnelling company is working on a high-speed hyperloop transport system. Last month, it said it is nearing a major milestone.
Sequoia Capital
Another investor in Mr Musk’s Boring Company, California-based venture capital firm Sequoia Capital, has pledged $800m for the Twitter deal. The company’s partner Roelof Botha was the chief financial officer at FinTech firm PayPal when Mr Musk was its chief executive, nearly two decades ago.
“For over two decades, we’ve had a front row seat to Elon’s business and technical prowess, from X.com, which became PayPal, to SpaceX and The Boring Company. We see, as he does, the opportunity to drive meaningful product innovation that will help unlock Twitter’s full potential as a global platform that connects the world,” Sequoia said in a statement.
AH Capital Management
AH Capital Management, the investment adviser of Andreessen Horowitz (A16Z), has committed $400m. Founded in Silicon Valley in 2009 by Marc Andreessen and Ben Horowitz, A16Z is a venture capital firm that backs technology entrepreneurs. It has $28.2bn in assets under management across multiple funds.
Qatar Holding
Qatar Holding, a subsidiary of the Gulf state’s sovereign wealth fund Qatar Investment Authority, will invest $375m. Established in 2005, QIA aims “to protect and grow Qatar’s financial assets and to help diversify the economy”, the authority said on its website. Its investments span across major global markets, asset classes, sectors and geographies.
Aliya Capital Partners
Miami-based Aliya Capital Partners has committed $360m. It is currently investing in innovative and disruptive companies including Airbnb, SpaceX, Robinhood, Grab, Brex, Chime, Stripe, Impossible Foods and Paytm, among others.
Brookfield
Toronto-based Brookfield will invest $250m in the Twitter deal. It has nearly $690bn in assets under management across various segments such as real estate, infrastructure, private equity and credit — including through affiliate Oaktree Capital Management.
“We put our own capital to work alongside our partners’ in virtually every transaction, aligning interests and bringing the strengths of our operational expertise, global reach and large-scale capital to bear on everything we do,” it said on its website.
Strauss Capital
Established in 2006, Strauss Capital, is a privately-held investment banking firm. It has committed $150m to Mr Musk. Its clients include established and emerging middle market companies.
Prince Alwaleed bin Talal
Saudi Arabian billionaire investor Prince Alwaleed bin Talal, who had earlier opposed Mr Musk’s buyout attempt, agreed to roll over his 34.9 million shares into the deal, according to the Thursday filing. At $54.20 a share, it will be a stake worth about $1.9bn in the microblogging platform.
Prince Alwaleed, who owns a stake in Twitter through his Kingdom Holding Company, had initially said Mr Musk’s offer did not “come close to the intrinsic value of Twitter given its growth prospects”.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
Killing of Qassem Suleimani
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
