Elon Musk’s takeover of Twitter has been joined by the world’s largest cryptocurrency exchange, Binance. The crypto exchange has joined Twitter’s list of newly acquired shareholders, with an investment of half a billion dollars.
Musk’s takeover of Twitter has attracted $500 million in equity investment from Binance. The exchange is one of 18 co-investors in the Twitter purchase of Elon Musk, alongside companies such as Sequoia Capital and Fidelity Management & Research Company.
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Binance Backs Elon Musk’s Takeover of Twitter with $500 million
On May 5, Musk filed an amended general statement of the acquisition. He stated that Twitter had acquired approximately $7.2 billion in new funding commitments as part of the merger agreement. However, this is subject to the terms of commitment letters to co-investors.
Binance was named as one of eight co-investors in the deal. This is alongside other notable cryptocurrency firms such as Sequoia Capital Fund and Fidelity Management & Research Company.
The recent entry of a high-profile Tesla CEO into the digital asset market has sparked interest in the sector. Musk is an outspoken advocate of cryptocurrencies and has acknowledged his ownership of Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) .
In a retweet to news about the funding, Changpeng Zhao, Binance’s creator and CEO, called it “a small contribution to the cause.” All equity investors named in the document have agreed to contribute to the acquisition.
Binance Political Move
Binance is the fourth largest investor, having invested $500 million in the project. The Lawrence J. Ellison Revocable Trust invested $1 billion, making it the third largest contributor. Sequoia Capital and VyCapital each contributed $800 million to the project.
The total value of the new commitments, after settlement adjustments, is approximately $7.139 billion (16.225 percent of what Musk paid for Twitter), according to SEC data.
Of course, Binance’s move to support Elon Musk is a very smart one. This is because the acquisition could give Musk a lot of power over the sentiment regarding cryptocurrencies. The investment can therefore be seen as a way to positively influence Musk regarding Binance and cryptocurrencies in general.
I’m sure you will agree that this development will be positive for the cryptocurrency industry.
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