Binance funded $500 million for Musk’s Twitter acquirement
Binance pledged $500 million in an amended 13-D filed with the Securities and Exchange Commission. Sequoia Capital has committed $800 million, Fidelity has pledged $316 million, and a16z has committed $400 million.
The firm is one of several financiers who said in a 4 May filing that they would contribute to Musk’s deal to buy the social media platform.
The total amount of equity commitments stated in the filing is approximately $5.2 billion. Existing investor Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud of Saudi Arabia has chosen to keep 34.9 million shares, subject to certain conditions.
Overall, the 19 investors have pledged approximately $7.1 billion to help Musk’s equity for his offer to take Twitter private, which is arguably one of the largest takeovers in the tech industry.
According to the 13D Securities and Exchange Commission filing, other equity investors in the deal include Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, Sequoia Capital, Fidelity Management & Research Company, and Oracle co-founder Larry Ellison who sits on Tesla’s board and VyCapital.
According to the filing, the latest funding commitments reduce Musk’s $12.5 billion margin loan to $6.25 billion, with the deal now being financed by $27.25 billion in equity and cash.