Elon Musk got half-billion-dollar Binance financing to buy Twitter
Elon Musk brought together all sorts of investors to take over one of the most famous social networks.
As reported in the filing for SEC US, The Lawrence J. Ellison Revocable Trust issued the biggest check, worth $1 billion. The second place is taken by Sequoia Capital, which contributed $800 million. The third is Binance, a cryptocurrency exchange.
Elon Musk raised a total of $7.14 billion from "equity investors," including Al-Waleed bin Talal Al Saud, a Saudi Arabian prince who was already a Twitter shareholder, investing 35 million shares in the company. According to the price proposed by Musk ($54.2 per share), his stake is valued at ~$1.9 billion.
Recall that in early April, Musk became Twitter's largest shareholder by purchasing a 9.2% stake for $2.89 billion. On April 14, he offered to buy the social network for more than $43 billion. The entrepreneur reasoned he intended to create "an inclusive arena for free speech" rather than a money-making ambition.
Initially, Twitter's management rejected the proposal and approved a takeover defense plan. However, it later revised that decision.
Subscribe to our Telegram channel for the most relevant, interesting, and informative news from the crypto industry.