Larry Ellison and Binance Back Elon Musk for Twitter Buyout

  • Financial support for the purchase of the social network by several companies came to light after an SEC filing this week.
  • Larry Ellison is contributing $1 billion, which makes him one of the largest shareholders, while Sequoia and Binance are putting up $800 and $500 million respectively.

There are a total of 18 capital investors supporting Elon Musk in the purchase of Twitter for $44 billion, which was made known on Thursday 5th after a presentation made by the United States Securities and Exchange Commission (SEC).

Among the firms backing the deal to acquire the popular social network is Oracle co-founder Larry Ellison, who will invest $1 billion, followed by venture capital company Sequoia with $800 million.

Other investment firms leveraging Musk’s bid include VyCapital, a global technology investment firm which is putting up $700 million, and cryptocurrency exchange Binance, which has pledged $500 million.

Capital Management AH, LLC is also investing $400 million, while Qatar Holding is submitting $375 million, Fidelity puts forward $316 million, Aliya Capital Partners LLC contributes $360 million, and Brookfield invests $250 million.

With this, the billionaire and main shareholder of Tesla and SpaceX, has secured a total of $7.14 billion, halving the $12.5 billion margin loan he took to close out the Twitter purchase deal.

The social network’s majority shareholder, Saudi Prince Alwaleed Bin Talal Abdulaziz Alsaud, who had previously rejected Musk’s initial offer, has pledged to buy a total of 34,948,975 shares of the company worth about $1.7 billion. .

In a tweet posted on April 14th, the prince wrote:

“I don’t think @Elon Musk’s proposed offer ($54.20) comes close to the intrinsic value of @Twitter given its growth prospects. Being one of Twitter’s largest long-term shareholders, @Kingdom_KHC & I decline this offer.”

On the Flipside

  • Musk’s subsequent offer of $44 billion for the company led to the final approval of the sale by the board of directors.
  • The stock is now trading at a price of less than $50 as of this writing.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Santiago Contreras

Santiago is a Venezuelan blockchain reporter specializing in economic and financial issues, with special emphasis on stablecoin trading as well as political and regulatory issues related to Latin America. Every day he reviews and analyzes movements in the crypto market to offer readers first-hand information that can help them make sound decisions in the exciting world of crypto.