Binance has been among the most successful crypto exchanges in recent years, with its competition grabbing headlines on a daily basis. The latest news about them is that they’ve joined forces to invest in Elon Musk’s Twitter acquisition alongside firms like Sequoia Capital Fund and Fidelity.
As per United States Security and Exchange Commission information, Binance and other eighteen investors have participated in Elon Musk’s $44 billion acquisition of Twitter.
Related Readings | Mark Cuban Suggests How Elon Musk Can Fight Twitter Spam Using Dogecoin
Elon Musk highlighted the brief details about the Twitter purchase deal on May 05, 2022, and announced that Twitter received an aggregate of about $7.2 billion in new financing commitments in connection with the merger agreement.
Binance And Other Investors In Elon Musk Twitter Deal
The 13-D Schedule document provided details of the merger and reported that Binance is the 5th largest investor financing the Elon Musk Twitter acquisition deal. Binance invested $500 million, whereas VyCapital invested $700 million, Sequoia Capital made an investment share of $800 million, and Lawrence J. Ellison Revocable Trust injected an investment of $1.00 billion.
Chanpeng Zhao, CEO of Binance, reported his opinion on Twitter and termed the $500 million investment deal a “small contribution to the cause.”
All the investors enrolled in the document are assured to give committed finance equity before completing the acquisition process. The document noted,
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
Elon Musk Founder and CEO of Tesla, the electric car manufacturing firm; possess a net worth of almost $247 billion and is known as a high net worth individual worldwide. Elon Musk announced the purchase of the famous social media platform Twitter for $44 billion in April 2022. The acquisition would be completed through the proper approval of regulatory authorities and Twitter stakeholders. While completing the Twitter purchase deal, Elon Musk added,
Twitter has extraordinary potential. I will unlock it
Tesla’s CEO pointed out that changing the firm to private would ensure that Twitter can only serve as a beam of free speech. In addition, he pointed out preferences for removing “spams and scam bots and the bot armies” from Twitter and related to cryptocurrency space.
Related Readings | Crypto Market’s Reaction To Elon Musk’s Twitter Hype – Are You Buying?
Elon Musk had already insisted on Binance last year to resolve a few problems on its platform. The event had also caused a heated debate on Twitter between Elon Musk and Binance CEO. Musk brought attention to the Dogecoin (DOGE) withdrawal problems on Binance and stressed Zhao to give reasons for withdrawal disturbance.
Featured Image from Pixabay and the Chart from Tradingview.com