Connect with us


Binance, Saudi Arabia join 17 other investors to fund Twitter takeover by Elon Musk



Elon Musk

Cryptocurrency billionaire, Changpeng Zhao, has joined the list of investors looking to have a stake in Twitter after Elon Musk took the company private, as the Tesla boss raises $7.1 billion.

Musk raised the capital from about 19 investors, according to stock market filing on Thursday, one of which includes crypto exchange, Binance, owned by Zhao. His company invested $500 million in the fundraising round.

The largest contribution is from Saudi Arabia’s Prince al-Waleed bin Talal investment, after he chose to retain the about $1.9 billion stakes already held through Kingdom Holding Company.

This recent development followed reports by Ripples Nigeria that Musk raised $46 billion, part of which is the $7.1 billion. This reduces the loan Musk planned to borrow to $6.25 billion, from $12.5 billion.

Musk Twitter takeover will cost him about $43 billion, and to finance the deal, he approached banks and investors. Although the board has accepted his offer, the deal hasn’t been finalised.

Some of the investors contributing in exchange for equity are Lawrence J. Ellison Revocable Trust ($1,000,000,000), Sequoia Capital Fund, L.P. ($800,000,000), VyCapital ($700,000,000), and AH Capital Management, L.L.C. (a16z) ($400,000,000).

Read also: Twitter CEO, Parag Agrawal to receive about $42m if axed after Musk’s takeover

Others include Qatar Holding LLC ($375,000,000), Aliya Capital Partners LLC ($360,000,000), Fidelity Management & Research Company LLC ($316,139,386), Brookfield ($250,000,000) and Strauss Capital LLC ($150,000,000).

Also on the list of investors are BAMCO, Inc. (Baron) ($100,000,000), DFJ Growth IV, Partners, LLC ($100,000,000), Witkoff Capital ($100,000,000), Key Wealth Advisors LLC ($30,000,000), A.M. Management & Consulting, ($25,000,000), Litani Ventures ($25,000,000), Tresser Blvd 402 LLC (Cartenna)($8,500,000), and Honeycomb Asset Management LP ($5,000,000).

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now