3 dozen traders, including Binance, Sequoia Money, Andreessen Horowitz and Fidelity Investments, have offered funding commitments of US$7.14 billion in help of Elon Musk’s bid to get Twitter, regulatory filings demonstrate.
See relevant short article: Twitter accepts Musk’s US$44B bid, sends Dogecoin to crypto best 10
- Oracle co-founder Lawrence Ellison was the biggest one trader, contributing US$1 billion in aid of the bid to consider Twitter non-public by means of the Lawrence J. Ellison Revocable Belief.
- Binance, the world’s biggest cryptocurrency exchange, invested US$500 million even though Sequoia and a16z, a enterprise money organization in Silicon Valley launched in 2009 by Marc Andreessen and Ben Horowitz, contributed US$800 million and US$400 million respectively.
- The funding assistance enabled Musk to minimize his margin personal loan from Morgan Stanley and other banking institutions to US$6.25 billion from US$12.5 billion.
- Musk is coordinating with existing Twitter shareholders, such as founder Jack Dorsey, to roll over their shares.
- “We hope to be capable to play a job in bringing social media and World-wide-web3 jointly and broadening the use and adoption of crypto and blockchain technology,” Binance CEO Changpeng Zhao reported on Thursday.
- “Elon is the just one person we know and perhaps the only man or woman in the planet who has the bravery, brilliance, and skills to resolve all of these [Twitter issues] and develop the public square that we all hoped for and deserve,” a16z tweeted on Thursday.
See related posting: Elon Musk is buying Twitter to colonize our headspace and deliver his pet DOGE to the moon