Binance to finance Elon Musk’s Twitter takeover with $500m

Agency Report
Agency Report

Cryptocurrency giant, Binance, has pledged $500 million equity to help finance Elon Musk’s takeover of Twitter.

This is according to which cited an amended 13-D schedule filed with the U.S. Securities and Exchange Commission on Wednesday.

The publication reported that Binance had the fourth-largest commitment among a dozen equity investors financing Elon Musk’s takeover of Twitter.

Reports revealed that the Tesla CEO filed an amended general statement of the acquisition, announcing that Twitter received an aggregate of about $7.2 billion in new financing commitments in connection with the merger agreement, subject to the conditions in co-investor equity commitment letters.

Apart from Binance, other institutions, including the Lawrence J. Ellison Revocable Trust, Sequoia, and VyCapital, invested $1 billion, $800 million, and $700 million, respectively.

Reacting, Twitter, Binance CEO Changpeng Zhao called the exchange’s $500 million investment a “small contribution to the cause,” presumably in reference to Musk’s commitment to upholding free speech on the social media platform. The aggregate value of the newly reported commitments totals around $7.139 billion, 16.225% of what Musk paid for Twitter.

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