Twitter

Investing in Twitter with Elon Musk's help, Binance has contributed $500 million.

When Elon Musk purchased Twitter, Binance was one of 18 co-investors with Sequoia Capital Fund and Fidelity Management and Research Company.

What Happened Recently

Binance

Binance, a prominent cryptocurrency exchange, was a participant in Elon Musk’s $44 billion acquisition of Twitter, according to SEC filings seen by CNBC.

TweetDeck has obtained roughly $7.2 billion in new financial commitments in conjunction with the merger deal via co-investor equity commitment letters, according to Musk’s modified general statement of acquisition filed on May 5. Additionally, in line with the merger transaction, Musk revealed that Twitter had obtained a total of about $7.2 billion in new finance commitments.

Who Are Included In the Deal

Co-investors in the deal include Sequoia Capital Fund, Fidelity Management and Research Company, and smaller companies. Binance is one of the 18 co-investors in the transaction.

The Lawrence J. Ellison Revocable Trust contributed $1 billion, making the Binance Blockchain Foundation the second-largest contributor with a $500 million contribution. Each of Sequoia Capital and VyCapital gave a total of $1.2 billion in financing.

Twitter Musk deal

Binance CEO Changpeng Zhao took to Twitter shortly after the filing was made public to thank the firm for its investment, which he described as a “small contribution to the cause.”

A contribution from each publicly listed equity investor specified in the agreement is due immediately before the transaction’s completion. For example, according to the agreement, “Equity Investors have kept the option to satisfy such equity obligation with shares of common stock held by such equity investor at $54.20 per share,” if they so choose. “

Tesla CEO and founder Elon Musk said on April 25 that his business would purchase Twitter for $44 billion. The acquisition is expected to close in 2022, pending shareholder and regulatory approval. This covered cryptocurrency-related bots and spam and scam bots, which he had previously stated as a primary aim for Twitter.

Conclusion
Coin telegraph

After a short Twitter fight between Binance CEO Changpeng Zhao and Tesla CEO Elon Musk, Cointelegraph earlier revealed that Musk had been urging Binance to fix many issues on its platform last year. Tesla CEO Elon Musk requested Binance CEO Changpeng Zhao to explain why certain Dogecoin (DOGE) withdrawals have been blocked on the platform.

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