Crypto exchange Binance allocates $500 million to Elon Musk to buy Twitter

Posted 06 May, 2022

The billionaire raised over $7 billion from various investors. The Lawrence J. Ellison Revocable Trust made the largest contribution with $1 billion and Sequoia Capital with $800 million.

Binance, the largest crypto exchange in terms of trading volume, has allocated $ 500 million to finance the purchase of the social network Twitter by billionaire Elon Musk. The businessman indicated the relevant information in a report for the US Securities and Exchange Commission (SEC).

In total, Musk has raised $7.1 billion from a group of “equity investors.” The Lawrence J. Ellison Revocable Trust is the largest investor at $1 billion. Second is Sequoia Capital, which will invest $800 million.

Saudi Arabia's Prince Al-Waleed bin Talal Al Saud will also take part in the deal. He will invest nearly 35 million Twitter shares. With Musk's proposed price per share of $54.2, the package is valued at approximately $1.9 billion.

On April 25, Musk entered into a definitive agreement to acquire the social network Twitter for $44 billion. After the deal closes, it will become a private company. Under the terms of the agreement, shareholders of the social network will receive $54.20 per ordinary share.

 

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