Connect with us

News

Elon Musk secures $7B more for Twitter buyout, Larry Ellison pitches in $1B

(Credit: Ryan Lash/TED)

Published

on

It appears that Tesla CEO Elon Musk is gathering more help for his impending buyout of social media platform Twitter. As per an SEC filing on Thursday, Musk has been able to secure $7.14 billion more in new financing commitments for his Twitter bid. 

Among the most notable parties who opted to help Musk are Larry Ellison, the co-founder and CTO of Oracle and a Tesla Board Member. Ellison committed $1 billion. Also included are Sequoia Capital, which committed $800 million, cryptocurrency exchange Binance, which committed $500 million; and AH Capital Management, which committed $400 million. 

The pertinent section of Musk’s filing can be viewed below. 

“On May 4, 2022, Parent received equity commitment letters, substantially in the form attached hereto as Exhibit M, from each of the investors (or one or more of such investor’s affiliates) listed in the following two tables, providing for an aggregate of approximately $7.139 billion in new financing commitments in connection with Parent’s proposed acquisition of Twitter pursuant to the Merger Agreement, subject to the conditions set forth in the Co-Investor Equity Commitment Letters,” the filing read.

The recent filing also revealed that with the new financing commitments, Musk has been able to reduce the $12.5 billion margin loans he had lined up for his Twitter acquisition to just $6.25 billion. Also, the deal now comprises $27.25 billion in equity financing, a notable increase from $21 billion.

“The aggregate principal amount of the commitments available to Parent pursuant to that certain debt commitment letter, dated April 25, 2022, from Morgan Stanley Senior Funding, Inc. and certain other financial institutions party thereto as commitment parties pursuant to which the Margin Loan Commitment Parties committed to provide an initial principal amount of $12.5 billion in margin loans to fund the transactions contemplated by the Merger Agreement, were reduced to an aggregate principal amount of $6.25 billion,” Musk’s filing read.

Advertisement

The Twitter Board of Directors has agreed to Elon Musk’s offer to acquire Twitter at $54.20 per share, a buyout valued at around $44 billion. Musk has been busy raising funds for the acquisition, with the CEO disclosing last week that he had sold Tesla stock worth over $8.4 billion. 

Musk’s recent filing can be viewed here

Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads up.

Simon is an experienced automotive reporter with a passion for electric cars and clean energy. Fascinated by the world envisioned by Elon Musk, he hopes to make it to Mars (at least as a tourist) someday. For stories or tips--or even to just say a simple hello--send a message to his email, simon@teslarati.com or his handle on X, @ResidentSponge.

Advertisement
Comments

News

Tesla teases new market entrance with confusing and cryptic message

Published

on

(Credit: Tesla)

Tesla teased its entrance into a new market with a confusing and what appeared to be cryptic message on the social media platform X.

The company has been teasing its entrance into several markets, including Africa, which would be a first, and South America, where it only operates in Chile.

In September, Tesla started creating active job postings for the Colombian market, hinting it would expand its presence in South America and launch in a new country for the first time in two years.

Tesla job postings seem to show next surprise market entry

The jobs were related to various roles, including Associate Sales Manager, Advisors in Sales and Delivery, and Service Technicians. These are all roles that would indicate Tesla is planning to launch a wide-scale effort to sell, manage, and repair vehicles in the market.

Last night, Tesla posted its latest hint, a cryptic video that seems to show the outline of Colombia, teasing its closer than ever to market entry:

This would be the next expansion into a continent where it does not have much of a presence for Tesla. Currently, there are only two Supercharger locations on the entire continent, and they’re both in Chile.

Tesla will obviously need to expand upon this crucial part of the ownership experience to enable a more confident consumer base in South America as a whole. However, it is not impossible, as many other EV charging infrastructures are available, and home charging is always a suitable option for those who have access to it.

Surprisingly, Tesla seems to be more concerned about these middle-market countries as opposed to the larger markets in South America, but that could be by design.

If Tesla were to launch in Brazil initially, it may not be able to handle the uptick in demand, and infrastructure expansion could be more difficult. Brazil may be on its list in the upcoming years, but not as of right now.

Continue Reading

News

Tesla expands crucial Supercharging feature for easier access

It is a useful tool, especially during hours of congestion. However, it has not been super effective for those who drive non-Tesla EVs, as other OEMs use UI platforms like Google’s Android Auto or Apple’s iOS.

Published

on

tesla supercharger
Credit: Tesla

Tesla has expanded a crucial Supercharging feature that helps owners identify stall availability at nearby locations.

Tesla said on Tuesday night that its “Live Availability” feature, which shows EV owners how many stalls are available at a Supercharger station, to Google Maps, a third-party app:

Already offering it in its own vehicles, the Live Availability feature that Teslas have is a helpful feature that helps you choose an appropriate station with plugs that are immediately available.

A number on an icon where the Supercharger is located lets EV drivers know how many stalls are available.

It is a useful tool, especially during hours of congestion. However, it has not been super effective for those who drive non-Tesla EVs, as other OEMs use UI platforms like Google’s Android Auto or Apple’s iOS.

Essentially, when those drivers needed to charge at a Supercharger that enables non-Tesla EVs to plug in, there was a bit more of a gamble. There was no guarantee that a plug would be available, and with no way to see how many are open, it was a risk.

Tesla adding this feature allows people to have a more convenient and easier-to-use experience if they are in a non-Tesla EV. With the already expansive Supercharger Network being available to so many EV owners, there is more congestion than ever.

This new feature makes the entire experience better for all owners, especially as there is more transparency regarding the availability of plugs at Supercharger stalls.

It will be interesting to see if Tesla is able to expand on this new move, as Apple Maps compatibility is an obvious goal of the company’s in the future, we could imagine. In fact, this is one of the first times an Android Auto feature is available to those owners before it became an option for iOS users.

Apple owners tend to get priority with new features within the Tesla App itself.

Continue Reading

Elon Musk

Elon Musk’s Boring Co goes extra hard in Nashville with first rock-crushing TBM

The Boring Company’s machine for the project is now in final testing.

Published

on

Credit: The Boring Company/X

The Boring Company is gearing up to tackle one of its toughest projects yet, a new tunnel system beneath Nashville’s notoriously tough limestone terrain. Unlike the soft-soil conditions of Las Vegas and Austin, the Music City Loop will require a “hard-rock” boring machine capable of drilling through dense, erosion-resistant bedrock. 

The Boring Company’s machine for the project is now in final testing.

A boring hard-rock tunneling machine

The Boring Company revealed on X that its new hard-rock TBM can generate up to 4 million pounds of grip force and 1.5 million pounds of maximum thrust load. It also features a 15-filter dust removal system designed to keep operations clean and efficient during excavation even in places where hard rock is present.

Previous Boring Co. projects, including its Loop tunnels in Las Vegas, Austin, and Bastrop, were dug primarily through soft soils. Nashville’s geology, however, poses a different challenge. Boring Company CEO and President Steve Davis mentioned this challenge during the project’s announcement in late July.

“It’s a tough place to tunnel, Nashville. If we were optimizing for the easiest places to tunnel, it would not be here. You have extremely hard rock, like way harder than it should be. It’s an engineering problem that’s fairly easy and straightforward to solve,” Davis said.

Advertisement

Nashville’s limestone terrain

Experts have stated that the city’s subsurface conditions make it one of the more complex tunneling environments in the U.S. The Outer Nashville Basin is composed of cherty Mississippian-age limestone, a strong yet soluble rock that can dissolve over time, creating underground voids and caves, as noted in a report from The Tennessean.

Jakob Walter, the founder and principal engineer of Haushepherd, shared his thoughts on these challenges. “Limestone is generally a stable sedimentary bedrock material with strength parameters that are favorable for tunneling. Limestone is however fairly soluble when compared to other rack materials, and can dissolve over long periods of time when exposed to water. 

“Unexpected encounters with these features while tunneling can result in significant construction delays and potential instability of the excavation. In urban locations, structures at the ground surface should also be constantly monitored with robotic total stations or similar surveying equipment to identify any early signs of movement or distress,” he said.

Continue Reading

Trending