Binance To Give Elon Musk $500m To Help Him Acquire Twitter

 

Binance has announced it will be committing $500m to help Elon Musk acquire Twitter.

 

The world’s largest cryptocurrency exchange is among several financiers that said in a May 4 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, FN London reports.

 

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.