Elon Musk, CEO of Tesla and SpaceX, has secured $ 7.139 billion in new funding pledges to finance his Twitter acquisition, including several pro-crypto companies. Cryptocurrency exchange Binance, for example, has pledged বিনিয়োগ 500 million to invest in social media platforms, including Musk.
Crypto-friendly companies join Elon Musk to buy Twitter
Tesla CEO Elon Musk has confirmed funding from 18 companies to buy Twitter Inc., showing his filing to the U.S. Securities and Exchange Commission (SEC) on Thursday.
The SEC filing explains that Musk received an equity pledge letter from these investors on May 4 in connection with its proposed acquisition of Twitter “to pay about $ 7.139 billion in new financing pledges”.
Some pro-crypto companies are on the list of investors, including Sequoia Capital Fund, which has pledged $ 800 million, Crypto Exchange Binance, which has $ 500 million, AH Capital Management (aka Andresen Horowitz, A16z), which has $ 400 million and 16 400 million.
Binance independently announced Thursday that it “plans to invest এল 500 million with Elon Musk in Twitter purchases.” CEO Champeng Zhao (CZ) commented:
We’re excited to help Elon realize a new perspective for Twitter. We hope to be able to integrate social media and Web 3 and play a role in expanding the use and adoption of crypto and blockchain technology.
Sequoia Capital is a crypto-friendly VC firm. The company launched a কার 600 million cryptocurrency-centric fund in February and has partnered with some key players in the crypto space, including FTX CEO Sam Bankman-Fried and former Twitter CEO Jack Dorsey.
Fidelity Investments has long favored Bitcoin, calling cryptocurrency “a higher form of money”. In April, financial services giant Crypto and Metaverse Exchange-Traded Funds (ETFs) launched and announced that it would begin allowing Bitcoin investments in 401 (k) retirement accounts.
The biggest funding promise came from Larry Ellison, co-founder of Oracle Corporation and a member of the Tesla board. He has agreed to invest 1 billion.
Saudi Crown Prince Alwaleed bin Talal has also agreed to stay on Twitter as an investor after the capture of Musk. He initially declined to consider the Tesla executive’s offer to buy the social media platform, saying his offer did not come close to the underlying price of Twitter.
What do you think of Elon Musk as well as pro-crypto companies investing in Twitter? Let us know in the comments section below.
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