According to a filing with the US Securities and Exchange Commission (SEC) on Thursday, Tesla CEO Elon Musk has raised funds from 18 companies to buy Twitter Inc.
Musk garnered equity commitment letters from these investors on May 4 for an accumulation of $7.139 billion in new financing undertakings in correlation with his proposed acquisition of Twitter, according to the SEC filing.
Sequoia Capital Fund, which dedicated $800 million, crypto exchange Binance, which dedicated $500 million, AH Capital Management (aka Andreessen Horowitz, a16z), which committed $400 million, and Fidelity, which committed over $300 million, are among the list of investors.
Binance revealed independently on Thursday that it “intends to invest $500 million in the Twitter buyout alongside Elon Musk.”
CEO Changpeng Zhao (CZ) expressed his delight at the prospect of assisting Elon Musk in realizing a new vision for Twitter. He went on to say that they hope to help bring social media and web3 together, as well as expand the use and adoption of crypto and blockchain technology.
Sequoia Capital is a cryptocurrency-friendly venture capital firm. In February, the company announced the release of a cryptocurrency-focused fund worth up to $600 million, and it has partnered with some of the industry’s biggest names, including FTX CEO Sam Bankman-Fried and former Twitter CEO Jack Dorsey.
Fidelity Investments has long been a proponent of bitcoin, describing it as “a superior form of money.” The financial services powerhouse announced the release of crypto and metaverse exchange-traded funds (ETFs) in April, as well as the possibility of bitcoin investments in 401(k) retirement funds.
Larry Ellison, the co-founder of Oracle Corp. and a Tesla board member, made the largest financial commitment. He promised to submit $1 billion to the project.
After Musk’s takeover, Saudi Prince Alwaleed bin Talal accepted to stay as a Twitter investor. He originally turned down the Tesla executive’s offer to purchase Twitter, claiming that his offer did not come close to the social media platform’s inherent worth.
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