According to the SEC report released May 4, Elon Musk has secured additional funding for a total of $7.13 billion from various investors to purchase all shares of Twitter for approximately $54 per share. The most notable element of the filing is the contribution made by Binance, one of the world’s largest cryptocurrency exchanges, which provided Musk with $500 million worth of letters of commitment.
Binance gave Elon Musk $500,000,000 to buy Twitter
News came of a large fund provided by Binance to Elon Musk. Letters of commitment are essentially loans made by common investors to achieve a specific purpose, in this case the entire purchase of Twitter through the purchase of all outstanding shares of the company on the open market. Typically, letters of commitment are followed by a separate agreement in which the lender sets the terms under which the lender must repay the investment made. As a result, Elon Musk is expected to become Twitter CEO temporarily after the deal.
Each equity stakeholder in the table contributed to the parent company before or shortly after the merger took place. However, some investors made a one-time contribution of a certain amount, while others made an alternative commitment by donating their Twitter shares. Thirty-five million shares were bought by Prince Alwaleed bin Talal bin Abdulaziz Alsaud. Alsaud’s investment will be over $1.9 billion based on a valuation of $54.2 per share, making it the largest share of all common investors combined.
Elon Musk’s acquisition of Twitter was one of the most important events in the finance, crypto money and media industries
Kriptokoin.com As Elon Musk began hinting in April that he might be interested in buying one of the world’s largest social media platforms, he was expressing his dissatisfaction with the multitude of bots, scammers and other unsavory individuals that negatively impacted users’ experience on social media. Speculation is that Tesla CEO Elon Musk will integrate Dogecoin to eliminate bots. We have discussed the issue in detail in this article.
