Binance Gives Elon Musk $500 Million to Help Him in Twitter’s Takeover

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Crypto exchange Binance has allocated $500 million to finance the acquisition of the social network Twitter by Elon Musk, according to the application file with the US Securities and Exchange Commission (SEC) by the Tesla CEO.

According to the document, Musk has raised $7.14 billion from equity investors. The largest investment ($1 billion) was made by The Lawrence J. Ellison Revocable Trust. In second place is Sequoia Capital, which allocated $800 million.

Saudi Prince Alwaleed bin Talal Al Saud, who is already a shareholder of Twitter, will invest 35 million shares in the company. At the price offered by Musk ($54.2 per share), his stake is estimated at about $1.9 billion.

Musk became Twitter’s largest shareholder after acquiring a 9.2% stake for $2.89 billion earlier last month. On April 14, he offered to buy the social network for about $44 billion.

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