Start-up investor Jason Calacanis raises millions for Twitter stake

Investor Angel Jason Calacanis, an early supporter of Above Other Robin Hoodit is trying to raise tens of millions of dollars for a stake Twitter in the context of by Elon Musk $ 44 billion deal to buy the social media company.

“We are now garnering interest in investing in Twitter with Elon Musk’s plan to make it private,” Calacanis wrote in a message soliciting funds from his network of high net worth individuals. CNBC displayed Calacanis’s email to potential investors.

The minimum investment required to participate is $ 250,000, Calacanis wrote, adding that the fees he collects for the deal will amount to approximately $ 18,000. As the fund manager, he also asks for 10% of the carry, or the gains that come from the investment.

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

#SNL the rehearsals were incredible, “Calacanis tweeted.” The whole production was amazing to watch. “

Additionally, filing a class action lawsuit against Tesla and Musk over the CEO’s earlier Twitter statement that he would privately take Tesla privately recently revealed friendly text messages between Calacanis and Musk at the height of the 2018 dispute.

Calacanis asked Musk, “Are you holding on? Looks like you’ve had a busy week” and in another he said that people “are just making up nonsense” about him. “He is crazy”, he wrote him. He also told Musk that he “checked mate those little whores”, referring to Tesla’s critics and short sellers.

A judge in this case concluded which Musk knowingly made misrepresentations about having “funded insured” for a private Tesla deal.

Musk, the richest person in the world with a net worth of more than $ 200 billion, raised funds from friends and groups of investors following his agreement in April to buy Twitter. A deposit last week revealed which had secured over $ 7 billion from a group it included Oracle co-founder and director of Tesla Larry Ellisonventure capital firms Sequoia and Andreessen Horowitz and the crypto platform Binance.

If his effort to buy Twitter is successful, Musk is expected to fill the role of interim CEO of the influential social network. Musk said he would allow the ex President Donald Trump again on the site, although Trump said he will not be returning and will instead continue posting on his fledgling social network called Social truth.

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

Calacanis tweeted on May 10 that although he “enjoyed his hiatus from Trump,” he does not believe the former president should have been permanently banned. Rather, he should have been expelled for a year and then longer if he violated the terms of service again, Calacanis said.

“Kicking him off the platform only radicalizes his followers, fueling their claims of being silenced, which causes them to vote more!” hi tweeted.

Calacanis did not respond to a request for comment for this story.

For the type of funds Calacanis is raising, the SEC limits the number of qualified buyers to 2,000. If he had raised the minimum investment from 2,000 entities, it would be a $ 500 million fund.

To be a qualified buyer, according to the SECan entity must have at least $ 5 million in investments, while to be an accredited individual investor a person must have a net worth greater than $ 1 million or an annual income of at least $ 200,000.

Musk is expected to make an appearance in Calacanis All at the topstarting this weekend in Miami.

Disclosure: “Saturday Night Live” is a television show from NBCUniversal, the parent company of CNBC.

LOOK: Elon Musk will serve as Twitter’s interim CEO following the acquisition