Elon Musk revealed in a Securities and Exchange Commission (SEC) filing on May 4 that he has secured $7.14 billion in funding for his $44 billion Twitter acquisition from a group of investors including Larry Ellison, Sequoia Capital, Binance, Qatar Holdings and many others. In addition, CNBC reported that Musk is slated to become temporary CEO of Twitter for a few months once acquisition is complete. Tesla stock shares were down 6.4% on the morning of May 5 following the news.

                By                    Yaёl Bizouati-Kennedy

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The filing also revealed that Prince Alwaleed bin Talal, plans to keep his stake of 35 million shares in Twitter.

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Funding included $1 billion from Oracle’s founder Larry Ellison, $800 million from Sequoia Capital, $500 million from Binance, $375 million from Qatar Holdings and $316 million from Fidelity Management.

Wedbush Securities analyst Dan Ives said in a note that Musk’s margin loan is now reduced to $6.25 billion from its original $12.5 billion, and that there are continuing talks with existing holders of Twitter, including Jack Dorsey.

Ives clarified that this was a smart financial and strategic move by Musk that will be well received across the board and also shows “the Twitter deal is now on a glide path to get done by the end of this year.”

In turn, Wedbush said it maintained its “Outperform” rating on Tesla.

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Musk sold more than $8.5 billion of Tesla shares in a series of trades on Apr. 26-28, according to SEC filings, offloading more than $25 billion worth of stock in Tesla during the last six months. The sales came one day after the Twitter board agreed to Musk’s $44 billion bid — $54.20 per share — to acquire the social media platform.