Larry Ellison, another billionaire summoned to the battle between Elon Musk and Twitter

This is the founder of Oracle, the sixth richest person in the world according to Forbes.

09 August 2022 09.25

Twitter brought another eccentric billionaire into the fold in its lawsuit against Elon Musk, citing Oracle co-founder, Larry Ellison, the largest outside financial backer of Musk’s beleaguered deal to take over the social media company, according to court filings seen byBloomberg.

Ellison was cited as part of Twitter’s lawsuit in Delaware Chancery Court over Musk’s reversal of his purchase of the social media company.

A longtime Musk ally and a member of Tesla’s board of directors from 2018 to this year, EllisonI promised$1 billion to Tesla CEO’s $44 billion Twitter offering in May through his Lawrence J. Ellison Revocable Trust.

Larry Ellison

Twitter subpoenaed an official from that trust last week as part of the lawsuit, according to Bloomberg.

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Neither Ellison’s representatives nor Twitter responded to Ellison’s request for comment.Forbes.

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the decision

Key aspects

After a long and very public flirtation, TwitterI accept theMusk’s offer to take the company private in April. The courtship quickly soured, as Muskfile the paperworkon July 8 to withdraw from the settlement over claims that the company failed to provide adequate data on the number of spam accounts on the platform, an allegation that Twitter disputes. Twitterarguesthat Musk’s withdrawal was in bad faith and he wants a Delaware judge to force Musk to close the deal.

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Elon Musk and Twitter
Elon Musk.

The amount

We estimate that EllisonHe has a fortune of US$105.8 billion, making him the sixth richest person in the world. Ellisonhas15 million shares (a 1.5% stake) in Tesla, worth $1.3 billion. Meanwhile, fortuneEstimatedMusk’s, at US$266.3 billion, is the largest in the world.

What to consider

The trial between Twitter and Musk will begin on October 17 and last for five days. The case promises drama, and Bill Savitt, Twitter’s top lawyer,callMusk a liar seeking to conjure up an off-ramp for a deal that doesn’t have one during a virtual hearing setting a trial date last month.

*Published in Forbes US

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Larry Ellison, another billionaire summoned to the battle between Elon Musk and Twitter