Start-up investor Jason Calacanis raising millions for Twitter stake


Jason Calacanis

adam jeffery | CNBC

Angel investor Jason Calacanis, an early backer of Uber Y Robin Hoodis looking to raise tens of millions of dollars for a stake in Twitter as part of by Elon Musk $44 billion deal to buy social media company.

“We are now raising interest to invest in Twitter with Elon Musk’s plan to take it private,” Calacanis wrote in a message requesting funds from his network of high net worth individuals. CNBC saw Calacanis’ email to potential investors.

The minimum investment required to participate is $250,000, Calacanis wrote, adding that the fees he charges for the deal will total about $18,000. As the fund manager, he also asks for 10% carry, or the profits that come from the investment.

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

#SNL rehearsal was amazing,” Calacanis wrote in a tweet. β€œIt was amazing to witness the entire production.”

Additionally, filings in a shareholder class action lawsuit against Tesla and Musk over the CEO’s prior proclamation on Twitter that he would take Tesla private recently revealed friendly text messages between Calacanis and Musk at the height of the 2018 controversy.

Calacanis asked Musk, “Are you okay? Sounds like you’ve had a rough week,” saying in another that people are “just making up nonsense” about him. “It’s crazy,” he wrote. He also told Musk that he “checkmated those little b—–s,” referring to critics and short sellers of Tesla.

A judge in this case completed that Musk knowingly made false statements about having “secured funds” for a Tesla privatization deal.

Musk, the world’s richest person with a net worth of more than $200 billion, has been raising funds from friends and investor groups following his deal in April to buy Twitter. A presentation last week revealed who had obtained more than $7 billion from a group that included Oracle co-founder and director of Tesla larry ellisonventure firms Sequoia and Andreessen Horowitz and crypto platform Binance.

Pavlo Gonchar | Light Rocket | fake images

If his effort to buy Twitter is successful, Musk is expected to serve as interim CEO of the influential social network. Musk has said that he would allow ex president donald trump on the site, though Trump said he will not be returning and will instead continue to post on his own nascent 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 Capitol Hill. US on January 6, the company said at the time.

Calacanis wrote on Twitter on May 10 that while he “enjoyed Trump’s break,” he doesn’t think the former president should have been permanently ousted. Rather, he should have been banned for a year and then additional time if he violated the terms of service again, Calacanis said.

“Getting him off the platform only radicalizes his followers, giving more fuel to his claims that they are being silenced, which makes them vote more!” he tweeted him.

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

For the type of fund Calacanis is raising, the SEC limits the number of qualified buyers to 2,000. If it were to raise the minimum investment of 2,000 entities, that would be a fund of $500 million.

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 of more than $1 million or an annual income of at least $200,000.

Musk is scheduled to make a speaking appearance at Calacanis’s all-inclusive summitwhich starts this weekend in Miami.

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

WATCH: Elon Musk will serve as temporary CEO of Twitter after the acquisition