Binance, a16z among investors backing Musk's Twitter bid with US$7 bln

Binance, a16z among investors backing Musk’s Twitter bid with US$7B

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Three dozen investors, including Binance, Sequoia Capital, Andreessen Horowitz and Fidelity Investments, have provided financing commitments of US$7.14 billion in support of Elon Musk’s bid to buy Twitter, regulatory filings show. 

See related article: Twitter accepts Musk’s US$44B bid, sends Dogecoin to crypto top 10

Fast facts

  • Oracle co-founder Lawrence Ellison was the largest single investor, contributing US$1 billion in support of the bid to take Twitter private via the Lawrence J. Ellison Revocable Trust. 
  • Binance, the world’s largest cryptocurrency exchange, invested US$500 million while Sequoia and a16z, a venture capital firm in Silicon Valley founded in 2009 by Marc Andreessen and Ben Horowitz, contributed US$800 million and US$400 million respectively. 
  • The funding support enabled Musk to cut his margin loan from Morgan Stanley and other banks to US$6.25 billion from US$12.5 billion.
  • Musk is coordinating with existing Twitter shareholders, including founder Jack Dorsey, to roll over their shares.
  • “We hope to be able to play a role in bringing social media and Web3 together and broadening the use and adoption of crypto and blockchain technology,” Binance CEO Changpeng Zhao said on Thursday. 
  • “Elon is the one person we know and perhaps the only person in the world who has the courage, brilliance, and skills to fix all of these [Twitter issues] and build the public square that we all hoped for and deserve,” a16z tweeted on Thursday.

See related article: Elon Musk is buying Twitter to colonize our headspace and send his pet DOGE to the moon

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