Crypto exchange Binance invests $1 billion in Twitter’s proposed acquisition by Elon Musk, the founder of SpaceX. Other investors are Andreessen Horowitz and Fidelity Management & Research. With these investments, Elon Musk now has the backing of four major PE firms. In the end, the move could put Twitter in the hands of a tech titan that can revolutionize the world.
Elon Musk secures $7.1B funding from Larry Ellison
A round of financing by Elon Musk for Twitter has been confirmed. The entrepreneur has secured $7.1 billion in funding from Larry Ellison’s trust, the largest cryptocurrency exchange in the world, and other major investors. The funding round also included the contributions of Larry Ellison’s fellow Oracle co-founder Larry Ellison and billionaire hedge fund manager Sequoia Capital. It’s unclear how much of this funding came from these sources, and it is likely that the exact number will remain a secret.You read latest funding news on Economic pitch.
The latest round of financing comes as Musk seeks to buy Twitter Inc for $44 billion. The billion-dollar round of funding includes the contributions of Larry Ellison’s trust, Sequoia Capital, Brookfield, and the Qatar Investment Authority. In addition to these new investors, Saudi Prince Alwaleed Bin Talal has pledged to keep 34.9 million shares in Twitter, making the total amount of funding a staggering $44 billion.
Elon Musk’s investors are not only investors, but his “partners” are as well. The SEC and its affiliates are among Elon’s enemies, as are Qatar’s sovereign wealth fund and Alwaleed bin Talal, the Saudi government’s largest investor. Both countries have laws against spreading misinformation and openly arrest people who are critical of their governments. The World Press Freedom Index ranks both Qatar and Saudi Arabia as “unfree” nations, which makes the move all the more suspicious.
The latest round of funding news for Twitter has triggered a debate about whether it is worth the hype. The controversial CEO has been a vocal advocate of free speech on Twitter and criticized the social media site for being politically biased. While it is not entirely clear what that will mean for Twitter, the deal appears to be a “win-win” situation for both parties. If he decides to take Twitter public again, it might be worth a shot.
Crypto exchange Binance invests $1 billion in Tw
In the past month, Elon Musk has secured $7.1 billion in funding from Larry Ellison, Sequoia Capital, and Binance for his bid to acquire Twitter. Fidelity also contributed $400 million to the bid. But the most significant news of the day is that Saudi Arabia has agreed to provide 35 million shares of Binance to Twitter. This news should inspire greater optimism among digital currency evangelists. The CEO of Binance, Changpeng Zhao, is a fan of the concept of “Web3”, a new web experience based on blockchain.
Besides Larry Ellison, the other investors supporting Elon Musk’s Twitter bid include Saudi Prince Alwaleed bin Talal and his Kingdom Holding Company. The Saudis’ contribution is worth $1.9 billion, while Oracle co-founder Larry Ellison invested $1 billion through his trust. Other notable investors include Binance Holdings Ltd., the world’s largest cryptocurrency exchange, and Fidelity Management & Research.
In addition to the Saudi investment, Elon Musk has secured $7.14 billion in funding from a group of private investors. The investors include Larry Ellison, co-founder of Oracle and a Tesla board member. The deal also includes Saudi Prince Alwaleed Bin Talal, who has agreed to keep 35 million shares in the company worth $1.9 billion.
In addition to the Saudi prince, the consortium of investors has also included Sequoia Capital, Andreessen Horowitz, and Binance Capital. A $1B check from Larry Ellison led the pack, followed by $800 million from Sequoia Capital, $700 million from Vy Capital, and $400M from Andreessen Horowitz.
Andreessen Horowitz and Fidelity Management & Research contribute $1 billion to Elon Musk’s bid to buy Twitter
A group of private investors has agreed to drop $7.1B into Elon Musk’s Twitter deal. Among these investors are Sequoia Capital, Brookfield, and Binance. Other investors include Oracle co-founder Larry Ellison and the Qatar Investment Authority. A third investor is Saudi prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, who has agreed to hold 34.9 million shares in the company.
The latest round of funding includes investment from traditional asset managers, venture capital firms, boutique hedge funds, and one of the largest pools of capital in the world – Qatar Holding. This investment will help Musk maintain a stake in Twitter after he purchases it. Another investor is Oracle co-founder Larry Ellison, who has also invested in Tesla. He has also committed $1 billion to the venture through his trust.
In addition to securing a $7.1B round of funding, the entrepreneur has reached out to investors in South Africa and has secured an additional 35M shares of Binance. While the investment by Saudi Arabia may not appear to be significant on its own, it will certainly boost Twitter’s hopes of incorporating digital currency. Furthermore, Binance CEO Changpeng Zhao is a believer in the concept of “Web3,” which refers to new web experiences based on blockchain technology.
The company also received investment from Valia Ventures, a New York, San Francisco, and London venture capital firm. The funds will be directed toward consumer, enterprise, and fintech. Additionally, the company has hired Sameer Dholakia, a former SendGrid employee, as a new partner. In addition, Crayhill Capital Management has added Daniel Shlomi as general counsel.
Elon Musk to succeed Parag Agrawal as Twitter’s interim CEO
Elon Musk has made a $43 billion offer to take over Twitter. Twitter employees are hoping this increase will last until May when the board of directors is set to approve a new CEO. Earlier this month, Musk told staff that he plans to invest in Twitter. In return, the company will give Musk a majority stake in the company. If the deal goes through, Musk will become Twitter’s permanent CEO.
Agrawal’s compensation is reportedly worth $42 million. If he is terminated within 12 months of the change in control, Agrawal is expected to receive $42 million. Twitter has not disclosed the amount of money Musk is expected to pay him, but he has appeared confident in his future with the company. After all, Musk has taken over Tesla, SpaceX, and SpaceX – and now he’s taking over Twitter.
In the meantime, Musk has lined up a replacement for Agrawal. He’s already spoken to banks about monetizing tweets, but he’s yet to present cash. Elon Musk’s bid still has to pass regulatory scrutiny, and congressional hearings could delay the deal. However, Agrawal is expected to remain the interim CEO until the deal closes.
The change in ownership of the company has been accompanied by a significant shakeup in the management of the company. Musk’s decision to hire Agrawal is surprising, but Musk’s comments are a good sign that Twitter has a new owner. Despite the high-profile change in ownership, Agrawal had barely been in the role for five months. Agrawal’s contract with Twitter includes a clause that allows him to make $38 million after a year of leadership.
The change is not without controversy. Twitter suspended Trump’s account after the Capitol riots. In addition, Twitter’s hateful conduct policy explicitly bans tweets citing protected groups. Musk has said he plans to overhaul the company’s content moderation procedures, and Agrawal echoed his views on how free speech should be handled on the platform in 2020.