Elon Musk Receives Over $1.3B From Crypto Friends To Back Twitter Deal

According to a filing with the Securities and Exchange Commission on May 4th, 18 companies have agreed to contribute $7.139 billion to Elon Musk’s acquisition of Twitter. When an individual or organization buys more than 5% of a company’s stock, it must file a Schedule 13D with the Securities and Exchange Commission. According to the filing, Twitter has already received commitment letters from equity investors in conjunction with the proposed $44 billion acquisition of Twitter. Key crypto firms invest Binance was the lone cryptocurrency exchange on the list of investors, with a $500 million equity commitment. Sequoia Capital and Fidelity Management & Research Company LLC, both venture capital organizations, placed aside $800 million and $316.1 million, respectively, in the crypto business. Andreessen Horowitz (a16z), a division of AH Capital Management, L.L.C., has also pledged $400 million to the cause, joining a list of other traditional venture capital firms. In addition, Saudi Arabia’s Prince Al Waleed bin Talal, a prominent Twitter stakeholder, agreed to buy 34.94 million shares “at or shortly before the Merger’s closure.” Morgan Stanley, which had previously agreed to lend a loan of around $12.5 billion to fund the transaction, lowered the loan to about $6.25 billion, despite not being mentioned among investors. Binance CEO Changpeng Zhao (“CZ”), an outspoken supporter of free expression on Twitter, praised the funding a...