Binance Funds Elon Musk’s Twitter Takeover With $500M Contribution
2022.05.05 15:07
Binance Funds Elon Musk’s Twitter Takeover With $500M Contribution
- Binance supports Elon Musk’s Twitter (NYSE:TWTR) takeover by contributing $500 million in funding.
- CZ tweets that it is a “small contribution to the cause.”
- Elon Musk has gathered $7.1 billion of funding for his $44 billion offer.
Elon Musk’s amended Schedule 13D to the Securities and Exchange Commission (SEC) revealed that Binance has committed to contribute $500 million to Twitter. This confirms that Binance supports Elon Musk’s takeover of Twitter. Binance is only one of the 18 equity investors funding Elon Musk’s $44 billion offer for Twitter.
In response to the revelation, Binance’s Changpeng Zhao tweeted:
A small contribution to the cause. https://t.co/xD9XZxOWfL
— CZ Binance (@cz_binance) May 5, 2022
The Twitter crypto community was ecstatic about the news. Prominent crypto accounts like Bitcoin Archive chimed in that it was only a “pocket change” for Binance. Meanwhile, the CEO of BlueOfficial called the contribution “Boss moves” as more of the community rejoiced.
Out of the 18 equity investors, Binance had the fourth largest aggregate equity commitment – topped only by Dubai-based VyCapital ($700M), Sequoia Capital Fund ($800M), and Lawrence J. Ellison Revocable Trust ($1B), respectively. All of these commitments have provided an aggregate of approximately $7.139 billion.
Musk requires an aggregate of $21 billion in financing commitments to fund the purchase.
In other news, Binance continues to be active in its business over the past two months. CZ tweeted a breakdown of Binance’s activities starting from February 28, 2022, to May 4, 2022. The tweet includes Binance getting licenses from Bahrain and Dubai, registration from Sweden and France, and the Abu Dhabi in-principle approval.
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