Crypto exchange Binance has made a $500 million equity commitment to help finance Elon Musk’s takeover of Twitter.
Binance had the fourth-largest commitment among a dozen equity investors financing Elon Musk’s takeover of Twitter, a SEC filing reveals.
Binance pledged $500 million per the filing, while other institutions, including the Lawrence J. Ellison Revocable Trust, Sequoia, and VyCapital, invested $1 billion, $800 million, and $700 million, respectively.
The aggregate value of the newly reported commitments totals around $7.139 billion, 16.225% of what Musk paid for Twitter.
According to the amended filing, Musk had decreased the aggregate principal amount of the margin loans secured against his Tesla stock from $12.5 billion to $6.25 billion and increased the equity financing commitments from $21 billion to $27.5 billion.
The remaining funding is reportedly comprised of loans secured against Twitter assets.