Binance Commits $500m For Elon Musk’s Twitter Purchase

Business magnate, Elon Musk has gotten $500 million support from world’s largest cryptocurrency exchange, Binance to help purchase Microblogging platform, Twitter.

Binance has joined the list of other financiers that have contributed to help Musk acquire the social media platform.

Musk has received 19 pledges of about $7.1bn from investors in his quest to take over Twitter.

Other financiers include, Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud of Saudi Arabia, Sequoia Capital, Fidelity Management & Research Company, Oracle co-founder Larry Ellison, who sits on Tesla’s board and VyCapital, the 13D Securities and Exchange Commission filing noted.

The Saudi Arabian investor plans to hold his stake of 35 million shares after the deal.

Talks continue with Jack Dorsey and other shareholders about retention of their Twitter shares.

The filing disclosed that the latest funding commitments mean that the $12.5bn margin loan that Musk obtained has been reduced to $6.25bn, with the deal now being financed by $27.25bn in equity and cash.