Binance pledges $500M to help Elon Musk take over Twitter
Among a dozen of other firms
Binance, the world’s largest crypto exchange, has participated in Elon Musk’s $44 billion acquisition of Twitter.
According to an amended 13-D schedule filed with the U.S. Securities and Exchange Commission, Binance has committed $500 million to help fund Elon Musk’s take over of Twitter.
The exchange made the fourth-largest commitment, along with 18 other investors who pledged a total of $7.1 billion. The Lawrence J. Ellison Revocable Trust, Sequoia, and VyCapital, invested $1 billion, $800 million, and $700 million, respectively.
Commenting on the news on Twitter, Binance CEO Changpeng Zhao called the exchange’s $500 million investment a “small contribution to the cause,” likely referring to Musk’s plans to uphold free speech on the social media platform, among other promises.
db @tier10kMUSK FILES AMENDED 13D ON TWITTER, RECIEVED EQUITY COMMITMENT LETTERS INCLUDING $500M FROM BINANCE
Each equity investor mentioned in the document will contribute to or immediately prior to the closing of the acquisition. “Equity Investors have retained an option to satisfy such Equity Investor’s equity commitment with shares of common stock held by such equity investor, valued at $54.20 per share,” the document reads.
For more from us at Waivly, join our free fun-to-read and to-the-point newsletter enjoyed by hundreds of people across the internet every day of the week 👇