Elon Musk's Twitter takeover is still being financed by Sequoia Capital and Binance
October 11, 2022 11:15 AM
According to sources within both organizations, Sequoia Capital and Binance, two of the major equity investors in Elon Musk's Twitter takeover, are still funding the purchase.
The investment firm Sequoia Capital has put up $800 million toward the project. Following Musk's most recent offer for Twitter, a purchase appears to be imminent. A person familiar with the situation has told us that Sequoia will not be withdrawing their support for Elon and their decision to invest.
On the other hand, Binance has put up about $500 million toward Musk's acquisition of the ubiquitous social media site. A company representative has confirmed that the largest cryptocurrency trading platform will continue to participate in the funding of the deal.
Elon Musk made an initial offer to purchase Twitter on October 4 at $54.20 per share. Musk made an offer to purchase Twitter at the start of the year, but he retracted it in April. CNBC is now reporting that a successful close of the deal is possible. Neither party has yet publicly acknowledged the agreement as binding.
There were rumblings that securing $13 billion in debt financing was holding up the Twitter takeover deal. If this problem was ever fixed, I couldn't find any evidence of it.