Twitter: Elon Musk Raises $7 Billion in New Funding from Binance, Larry Ellison, and Sequoia

Elon Musk has raised $7.14 billion in funding for your Twitter purchase ($44 billion)from investors including the Oracle co-founder Larry Ellisonthe binance cryptocurrency exchange Y asset management companies Fidelity, Brookfield, and Sequoia Capital.

With the new funding commitments, Musk cut in half (in $6.25 billion) the margin loan you have taken out with a group of lenders, and increase the portion of total capital to u$s 27,250 million [desde los u$s 21.000 millones que haba prometido inicialmente]. The rest of the purchase price will be paid with debt obtained from banks.

The executive director of Binance, Changpeng ZhaoHe told the Financial Times that your exchange offer to Elon Musk an almost unconditional support for his acquisition of Twitter, after a quick agreement that left the parties little time to discuss the details. “It’s more of a blank check,” said Zhao after commit $500 million to Musk deal.

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The head of Tesla has gone to great lengths to secure outside support to join his bold bid for social media platformeven when the traditional private equity firms participating in leveraged buyouts have largely avoided the transaction.

The agreement will transform Muska self-declared “free speech absolutist” with almost 91 million followers on Twitterin a social media barn with control over how millions of people get news and information.

The actions of Twitter they were up nearly 2% in premarket trading to exceed $50. But ehe share price has been consistently below the offer of $54.20 per share made by Muskas investors feared he might not complete the deal. The employer will have to pay u$s 1 billion if it abandons the operation.

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The greatest support for your purchase comes from Ellisonwhich also He is a member of the Tesla board of directors. Y contributes US$1 billion to the operation from Twitter. The venture capital firm Sequoia contributes $800 millionwhile the technology investment company based in dubai, Vy Capitalcontributes $700 million.

Zhaoboss BinanceHe added that his investment came in just over a week, with little discussion of plans to Twitter. “We, through our friends, heard that [Musk] was looking for external investors, and we are interested? We immediately said yes,” she said.He didn’t have a plan for Twitter. There’s no, like, a business plan.. So it wasn’t that kind of discussion.”

The Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaudwho is already an investor in Twitter, contribute 35 million shareswhich at the offer price is equal to a $1.9 billion stake.

Imminent purchase: Twitter closer to reaching an agreement with Elon Musk for US $ 43,000 million

“Glad to connect with you my ‘new’ friend @elonmusk,” the Saudi prince wrote on Twitter. Twitter. “I think you will be an excellent leader for @Twitter to drive and maximize its great potential.”

This represents a turnaround for the Prince Alwaleedwhich had initially rejected the takeover offer from Musk when it was revealed last month, saying he didn’t think the offer “comes anywhere near the intrinsic value of Twitter given its growth prospects.

Musk also revealed that he is working for attract more capital investorsincluding the Billionaire co-founder of Twitter, Jack Dorsey, giving current shareholders the option of contributing their shares to the purchase. He added in the presentation that any additional contribution can replace part of the previously agreed funding commitments.

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The group of investors that supports the offer of Musk does not include many private equity groupswho held talks with the South African businessman, according to people briefed on the matter.

Two private equity executives said they decided to stay out of Twitter’s bid. after determining that it would be difficult for them exert influence on the hipster businessman respect to the direction of the company.

Musk has claimed that “unlocking” the potential of Twitter to be “the platform of freedom of expression throughout the world”, indicating that it has the intention to relax its content moderation policiesin an effort to reduce toxicity and abuse on the site.

In the last few weeks, Twitter has written to advertisers to say that the company remains committed to ensuring that its ads are not placed next to harmful or offensive content, amid the growing concern that the Musk acquisition will hurt his $4.5bn ad business per year

Musk also appears to be on a collision course with regulators and politicians around the world.. Commissioner of the European Union for the internal market, Thierry Breton, told the FT what Twitterunder the ownership of Muskmust comply with the Brussels social media moderationor risk strong fineseven one prohibition.

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Twitter: Elon Musk Raises $7 Billion in New Funding from Binance, Larry Ellison, and Sequoia