Elon Musk Secures Funding From Crypto-Friendly Binance, Sequoia, Fidelity to Buy Twitter

Elon Musk Secures Funding From Crypto-Friendly Binance, Sequoia, Fidelity to Buy Twitter

Tesla and Spacex CEO Elon Musk has secured $7.139 billion in new financing commitments to fund his acquisition of Twitter, together with from a number of pro-crypto corporations. Cryptocurrency change Binance, for instance, has dedicated to speculate $500 million within the social media platform alongside Musk.

Crypto-Friendly Companies Join Elon Musk to Buy Twitter

Tesla CEO Elon Musk has secured funding from 18 corporations to buy Twitter Inc., his filing with the U.S. Securities and Exchange Commission (SEC) on Thursday exhibits.

The SEC submitting explains that Musk obtained fairness dedication letters from these buyers on May 4 “offering for an combination of roughly $7.139 billion in new financing commitments” in connection along with his proposed acquisition of Twitter.

Some pro-crypto corporations are on the record of buyers, together with Sequoia Capital Fund which dedicated $800 million, crypto change Binance which dedicated $500 million, AH Capital Management (aka Andreessen Horowitz, a16z) which dedicated $400 million, and Fidelity which dedicated over $300 million.

Binance independently introduced Thursday that it “plans to speculate $500 million alongside Elon Musk in Twitter buyout.” CEO Changpeng Zhao (CZ) commented:

We’re excited to have the ability to assist Elon notice a brand new imaginative and prescient for Twitter … We hope to have the ability to play a job in bringing social media and web3 collectively and broadening the use and adoption of crypto and blockchain know-how.

Sequoia Capital is a crypto-friendly VC agency. The firm launched a cryptocurrency-focused fund of as a lot as $600 million in February and has partnered with some key gamers within the crypto house, together with FTX CEO Sam Bankman-Fried and former Twitter CEO Jack Dorsey.

Fidelity Investments has lengthy been pro-bitcoin, calling the cryptocurrency “a superior form of money.” In April, the monetary providers big launched crypto and metaverse exchange-traded funds (ETFs) and introduced that it’s going to begin permitting bitcoin investments in 401(k) retirement accounts.

The largest funding dedication got here from Larry Ellison, co-founder of Oracle Corp. and a Tesla board member. He agreed to speculate $1 billion.

Saudi Prince Alwaleed bin Talal additionally agreed to stay an investor of Twitter after Musk’s takeover. He initially refused to contemplate the Tesla government’s provide to purchase the social media platform, stating that his provide didn’t come near Twitter’s intrinsic worth.

What do you concentrate on pro-crypto corporations investing in Twitter alongside Elon Musk? Let us know within the feedback part under.

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