Binance Supports Elon Musk’s Twitter Takeover With $500m

• Cryptocurrency Exchange, Binance has committed $500m in financing to support Elon Musk’s Twitter takeover bid.

• Altogether, 19 investors have pledged about $7.1bn to support Musk’s bid to take the company private.

• Other investors include Oracle co-founder Larry Ellison, Prince Alwaleed Bin Talal Bin Abdulaziz, and Sequoia Capital.

Binance, the world’s largest cryptocurrency exchange, has committed $500 million to finance Elon Musk’s Twitter takeover.

According to a May 4 filing, the company is among 19 investors that would contribute to the funding of Musk’s ownership of the social media platform.

Altogether, about $7.1 billion has been pledged to support Musk’s bid to take Twitter private, making it one of the largest tech takeovers in history.

In addition to Binance investment, other equity investors in the deal include Saudi Arabia’s Prince Alwaleed Bin Talal Bin Abdulaziz, Sequoia Capital, Oracle co-founder Larry Ellison, and Fidelity Management & Research Company.

The Saudi Arabian prince plans to hold his stake of over 35 million shares after the deal. Elon Musk also plans to talk with Jack Dorsey and other shareholders about the retention of their Twitter shares.

The latest funding commitments will help cut the 12.5 billion margin loan that Musk obtained to $6.25 billion. The deal will also be financed by $27.25 billion in equity and cash.

Read also: Elon Musk Slams Apple’s App Store Fees for Being ‘10 Times Higher’

According to the Financial Times, Binance CEO Changpeng Zhao has promised to offer unconditional support for Elon Musk’s Twitter takeover.

The biggest backing for the purchase, however, came from Larry Ellison, as the Tesla board member is financing the takeover with $1 billion. Dubai-based tech investment company, Vy Capital follows with $700 million funding support.

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