Elon Musk Secures $7.14 Billion to Support His Twitter Bid!

Tesla and SpaceX CEO Elon Musk has secured funding from a group of nearly two dozen investors to back his $44 billion bid to acquire Twitter.

The world’s largest cryptocurrency exchange Binance and venture capital firm Sequoia Capital have offered $500 million and $800 million respectively to Elon Musk to support his $44 billion takeover of social media platform Twitter.

Andreessen Horowitz ($400 million), asset management firm Fidelity ($316 million), Oracle co-founder Larry Ellison (1 billion), and Qatar Holding ($375 million) are the major contributors. The largest funding commitment is from Larry Ellison, who is also a Tesla board member.

The CEO of Binance, the company that has certainly benefitted from Musk’s love for crypto, commented: “We’re excited to be able to help Elon realize a new vision for Twitter … 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.”

Ben Horowitz, the co-founder at Andreessen Horowitz, tweeted, “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 and build the public square that we all hoped for and deserve.”

Musk had initially said that he planned to fund the deal in part with a $12.5 billion loan against his shares in Tesla. The new monetary backings from Binance, Sequoia, and others will allow him to cut the margin loan from $12.5 billion to $6.25 billion, making the deal less risky for both Musk and his lenders.