Connect with us

Hi, what are you looking for?

Cryptocurrency

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

Twitter shareholders okay $44bn Musk deal
Elon Musk

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

This is according to Cryptobriefing.com 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.

Click to comment

Leave a Reply

Your email address will not be published.

You May Also Like

Cryptocurrency

A former Chairman of First Bank of Nigeria Limited, Ibukun Awosika, has been appointed on the advisory board of cryptocurrency giant, Binance. According to...

News

Joy Onuorah Automobile company, Mercedes-Benz has recalled 161,000 SUV models due to a hazardous fault in the construction of its window trim bars. Models...

News

A leading Pan-African communications consultancy and press release distribution service, APO media group, said it’s giving qualified journalists an all-expense paid trip to the...

News

SpaceX will apply for an exemption from US sanctions against Iran in a bid to offer its satellite internet service to the country, owner...

Advertisement