Cryptocurrency trading platform Binance has invested $500 million in equity funding as part of a financing pledge worth $7 million to support the Tesla CEO Elon Musk’s Twitter buy.
An amended regulatory filing showed a $500 million commitment from Binance.
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“We’re excited to be able to help Elon realize a new vision for Twitter,” Binance CEO Changpeng Zhao said, “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.”
Saudi Arabia’s prince Al Waleed bin Talal Al Saud, who had previously rejected Mr Musk’s proposal, also committed nearly 35 million shares in Twitter “in order to retain an equity investment in Twitter following completion of the Merger,” the filing said.
Other investors listed in the SEC document include Qatari Holding with $375 million in equity and NYC real estate investor Steve Witkoff with $100 million. Venture capital firm Sequoia pledged $800 million, making it the second largest investor of all 18 named in the filing.
Fidelity offered up $316 million and a16z allotted $400 million. Oracle co-founder Larry Ellison is also among the other investors involved.
Twitter stock soared to $50.17 per share in pre-trading on Thursday after the announcement.
