Startup investor Jason Calacanis raises millions for Musk’s Twitter deal

Jason Kalakanis

Adam Jeffrey | CNBC

Angel investor Jason Calacanis, early backer of Uber and Robinhood, is working to raise tens of millions of dollars for a stake in Twitter as part of Elon Musk’s $44 billion deal to acquire the social media company.

In a message asking for funds from his network of high net worth, Calacanis said: “We are now attracting interest to invest on Twitter with Elon Musk’s private plan. CNBC saw an email Calacanis sent to prospective investors.

The minimum investment required to participate is $250,000, he added, adding that the fees he collects for the transaction will total $18,000. As a fund manager, he is also asking for 10% of the carry, i.e. the profit from the investment.

Calacanis is a longtime friend and fan of Musk and has often expressed his support for Tesla CEO on his podcasts This Week in Startups and The All-In Podcast. Calacanis joined Musk in New York last year when the celebrity CEO was a guest host on “Saturday Night Live.”

#SNL “The rehearsal was great, it’s amazing to see the entire production process,” Calacanis wrote in a tweet.

Also, friendly text messages between Calacanis and Musk were revealed during the recent 2018 controversy in a shareholder class action lawsuit against Tesla and Musk over Twitter’s previous declaration that the CEO was going private.

Calacanis asked Musk, “Are you okay? It sounds like you’ve had a hard week?” while others said people were “just making nonsense” of him. “Crazy,” he wrote. He also told Musk that he “checked that little b—–“, referring to Tesla critics and short selling.

The judge in the case concluded that Musk knowingly made false statements about “financing” Tesla for a private transaction.

Musk, the world’s richest man with a net worth of over $200 billion, has been raising funds from a group of friends and investors after he agreed to buy Twitter in April. Documents filed last week revealed that he had secured more than $7 billion from a group that includes Oracle co-founder and Tesla director Larry Ellison, ventures Sequoia and Andreessen Horowitz, and crypto platform Binance.

Pablo Gonzar | light rocket | Getty Images

If his efforts to acquire Twitter succeed, Musk is expected to serve as interim CEO of an influential social network. Musk said he would allow former President Donald Trump to return to the site, but Trump did not return and instead said he would continue to post on his early social network, Truth Social.

The former president’s Twitter account had approximately 89 million followers and was permanently banned on January 8, 2021 under Jack Dorsey’s leadership “due to the risk of further incitement to violence” after the January 6 attack on the Capitol. The company said at the time.

Kalakanis wrote on Twitter on May 10 that “I enjoyed my break with Trump,” but I don’t think the former president should have been deported. Rather, he should have been kicked out for a year, and if he broke the terms of service again, he should have been kicked out further, Calacanis said.

“Killing him off the platform radicalizes his followers and fuels the claims they’re silent on, leading to more votes!” he tweeted

Calacanis did not respond to requests for comment on this story.

For the types of funds Calacanis raises, the SEC limits the number of eligible buyers to 2,000. If he had raised the minimum investment from 2,000 companies, that would be a $500 million fund.

To become a qualifying buyer According to the SECA corporation must have an investment worth at least $5 million, and to become an individual accredited investor, an individual must have a net worth of at least $1 million or an annual income of at least $200,000.

Musk will speak at Kalakanis. All-in SummitIt starts this weekend in Miami.

Disclosure: “Saturday Night Live” is a TV show by NBCUniversal, CNBC’s parent company.

see: Elon Musk Appoints Interim Twitter CEO After Acquisition


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