Binance Endorsed $500 Million Investment in Musk’s Twitter Takeover
- Binance first made its intentions to support Musk’s purchase of Twitter known in an SEC filing in May of this year.
- Musk reportedly sealed the deal to acquire Twitter for $44 billion late on Thursday.
Binance, the biggest cryptocurrency exchange in the world, stated that it has invested shares in Elon Musk’s $44 billion proposal to purchase Twitter. Among the 19 investors who gave the inventor of Tesla (NASDAQ: TSLA ) $7 billion, the crypto exchange was the fourth-biggest contributor to the acquisition.
I feel much more secure about my Twitter account now that Elon has sink'ed in there.Edit buttonNo API/bot comments
— CZ Binance (@cz_binance) October 27, 2022
Earlier this week, CZ stated Binance would adhere to its earlier commitment to contribute $500 million to Musk’s attempt to acquire Twitter, highlighting the opportunity the acquisition would bring to help connect social media and news into Web3. Binance first made its intentions to support Musk’s purchase of Twitter known in an SEC filing in May of this year. At the time, the exchange’s CEO called the action a small contribution to the cause.
Twitter to Ensure the Future of Civilization
According to some sources, Morgan Stanley (NYSE: MS ), Bank of America (NYSE: BAC ), and Barclays (LON: BARC ) were the main lenders who assisted the Tesla and SpaceX CEO in funding the transaction, each pledging at least $2.5 billion in debt financing. Before partnering on Twitter’s acquisition, Musk and CZ had a brief dispute on the platform last year, when Musk urged Binance to address Dogecoin withdrawal concerns.
Musk reportedly sealed the deal to acquire Twitter for $44 billion late on Thursday, after months of legal and public wrangling over the matter. Before closing the acquisition, Musk indicated that he was owning Twitter primarily to secure the future of civilization. As one of his first moves, the new owner sacked the company’s top executives. As part of the agreement, Musk will take the company private, removing its stock from the public market.
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