Binance Pledges $500M to Help Elon Musk Take Over Twitter

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Binance Pledges $500M to Help Elon Musk Take Over Twitter
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Binance has committed $500 million to help fund Elon Musk’s Twitter acquisition, according to a 13-D timetable filed with the U.S. Securities and Exchange Commission on Wednesday. Among more than a dozen equity investors, including prominent venture capital funds such as Sequoia Capital and Andreessen Horowitz, the exchange ranks fourth in terms of investment. Binance founder Changpeng Zhao tweeted the pledge as “a small contribution to the cause.”

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Cryptocurrency exchange Binance has made a $500 million equity commitment to help fund Elon Musk’s takeover of Twitter.

Binance contributes to Twitter acquisition deal

Twitter has an unlikely name on its list of new equity investors — Binance.

According to the modified 13-D Schedule In a filing with the U.S. Securities and Exchange Commission on Wednesday, cryptocurrency exchange Binance ranked fourth among more than a dozen equity investors who funded Elon Musk’s acquisition of Twitter.

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Binance pledged $500 million per application, while other institutions, including Lawrence J. Ellison Revocable Trust, Sequoia Capital, and VyCapital, invested $1 billion, $800 million, and $700 million, respectively.Binance CEO Changpeng Zhao commented on the news on Twitter Says $500 Million Investment in Exchanges “Small contribution to the cause,” presumably referring to Musk’s commitment to upholding free speech on social media platforms. The new reported total commitment value is approximately $7.139 billion, 16.225% of what Musk paid for Twitter.

In April, Elon Musk, co-founder and CEO of electric car maker Tesla and the world’s richest man with an estimated net worth of about $268 billion, get Acquired a 100% stake in social media giant Twitter for $54.20 per share in a deal valued at about $44 billion. “Twitter has extraordinary potential. I will unlock it,” Musk said in a letter of offer to Twitter chairman Brett Taylor. He also shared his belief that taking the company private is the only way to ensure Twitter can become a beacon of free speech.

Musk has reduced the total principal of his Tesla stock-backed margin loans to $6.25 billion from $12.5 billion and increased his equity financing commitment to $27.5 billion from $21 billion, according to the revised filing. The rest of the funding reportedly includes a loan secured by Twitter assets.

The news appeared to have little impact on BNB, with Binance’s token up 4.2% on the day.

Disclosure: At the time of writing, the author of this article owns ETH and several other cryptocurrencies.

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