Binance pledges $500m as Elon Musk gets $7bn in fresh funding for Twitter takeover
The world’s largest cryptocurrency exchange, Binance, has committed $500m in financing to help Elon Musk buy Twitter.
The firm is among several financiers that said in a 4 May filing they would contribute towards the deal to fund Musk’s ownership of the social media platform.
Altogether the 19 investors have pledged about $7.1bn to support Musk’s bid to take Twitter private, one of the largest takeovers in technology history.
Other equity investors in the deal include Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud of Saudi Arabia, Sequoia Capital, Fidelity Management & Research Company, Oracle co-founder Larry Ellison — who sits on Tesla’s board — and VyCapital, the 13D Securities and Exchange Commission filing noted.
The Saudi Arabian investor plans to hold his stake of 35 million shares after the deal. Talks continue with Jack Dorsey and other shareholders about retention of their Twitter shares.
The latest funding commitments mean that the $12.5bn margin loan that Musk obtained has been reduced to $6.25bn, with the deal now being financed by $27.25bn in equity and cash, the filing said.
ffinancial news London