Binance Joins Elon Musk in Twitter Acquisition

Binance wants to help Elon Musk buy Twitter The exchange has pledged $500 million.

Cryptocurrency giant Binance is among about 10 outside investors seeking to fund Elon Musk’s $44 billion acquisition of Twitter, according to a document released today.

Binance wants to help Elon Musk buy Twitter

Filed with the sacred Securities and Exchange Commission, the modified 13-D file shows Binance’s commitment of $500 million. Venture capital firm Sequoia is reportedly worth $800 million, Fidelity is worth $316 million and 16z is worth $400 million. The total amount of obligations under this document is approximately $5.2 billion. Saudi billionaire Prince Alwaleed bin Talal Al Saud, an incumbent investor, has also decided to keep 34.9 million shares subject to certain conditions.

“We are excited to help Elon realize Twitter’s new vision,” Binance CEO Changpeng Zhao told The Block. “We hope we can play our part in bringing social media closer to web3 and democratizing cryptocurrency and blockchain technologies.”

The exchange is made in the amount of 500 million dollars.

In April, Elon Musk agreed to pay $54.20 per share of Twitter. The deal, which will make Twitter a private company, should be completed this year, if, of course, all permissions are obtained. The announcement comes four days after the American multibillionaire revealed the financial details of the acquisition. This prompted the Twitter board of directors to seriously consider the proposal.

Tesla’s CEO has previously said that if the acquisition goes through, he will open source the Twitter algorithm and try to make it a platform for free expression. While trying to fight spam and other bots. Then everything will be possible for the “new Twitter”. Will this give pride of place to cryptocurrency and its various technologies? To be continued!