Key Takeaways:
- According to a file issued on Thursday, Binance is one of a dozen outside investors backing Elon Musk’s $44 billion buyout of Twitter.
- Binance pledged $500 million in an amended 13-D filed with the Securities and Exchange Commission.
- Binance CEO Changpeng Zhao remarked, “We’re pleased to be able to assist Elon fulfil a new vision for Twitter.”
Binance’s intention to engage in Elon Musk’s $44 billion takeover of Twitter could bolster digital currency advocates’ aspirations for a more “decentralized,” crypto-friendly social media platform. In April, the Tesla billionaire agreed to buy Twitter for $54.20 per share. The deal, which will turn Twitter into a privately held corporation, is likely to finalize this year, given stockholder and regulatory clearance.
Musk paid $25.5 billion in totally committed debt and margin loan funding, as well as an additional $21 billion in cash.
Binance revealed on Thursday that it had committed $500 million to Twitter in conjunction with Elon Musk’s takeover of the social media service.
“We’re excited to be able to help Elon realize a new vision for Twitter” – @cz_binance shares.”
According to filings with the US Securities and Exchange Commission, Binance is part of a group of 17 investors that includes Sequoia Capital and Fidelity Investments.
According to FN London, the 19 investors have guaranteed a total of $7.1 billion to support Musk’s quest to take Twitter private, making it one of the greatest acquisitions in technology history.
Binance is to spend $500 million in equity capital as portion of a $7 billion financial commitment to help Elon Musk buy Twitter. Other investors include Oracle co-founder Larry Ellison and venture capital firm Sequoia Capital.
According to the 13D Securities and Exchange Commission filing, other equity investors in the deal entail Saudi Arabia’s Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, Sequoia Capital, Fidelity Management & Research Company, Oracle co-founder Larry Ellison — who sits on Tesla’s board — and VyCapital.
@cz binance’s tweets once again demonstrate that he is a passionate pro-crypto Twitter supporter.
He then goes on to say how this is just a modest contribution to the cause.
Zhao may have a chance to actualize Web3’s decentralised goals if Binance invests in Twitter. Musk, who calls himself a “free speech absolutist,” has regularly complained about Twitter’s censoring of conservative voices on the network.
According to CNBC, Musk will also take over as Twitter’s interim CEO for a few months after the acquisition closes.
Binance aspires to play a part in integrating Social Media and Web3 together, as well as expanding the use and adoption of cryptocurrency and blockchain technologies.
