Binance Backed Elon Musk’s Twitter Acquisition With $500 Million - Binance is among 18 investors who backed Elon Musk in his $44 billion Twitter takeover deal.

    In April, Elon Musk, the co-founder and CEO of electric car maker Tesla and the world’s richest person with an estimated net worth of $268 billion, acquired the social media giant Twitter in a deal worth around $44 billion.

    A recent filing with the Securities and Exchange Commission showed that Elon Musk had received backing from many large companies for his attempt to acquire Twitter. There is an unlikely name but it has popped up on the list of new equity investors⁠ of Twitter – Binance. Binance is currently considered the largest cryptocurrency exchange in the world.

    Binance committed $500M to co-invest in Twitter with Elon Musk while other companies, including Lawrence J. Ellison Revocable Trust, Sequoia, and VyCapital, invested $1 billion, $800 million, and $700 million, respectively. Commenting on the news on Twitter, Binance CEO Changpeng Zhao called the $500 million investment a “small contribution to the cause”, presumably in reference to Musk’s commitment to maintaining free speech on this platform. The total value of commitments is reported to be about $7.139 billion, or 16.2% of what Musk paid Twitter.

    Each investor mentioned in the document pledged to contribute just before the acquisition closes. Interestingly, BNB rallied nearly 5% after this news broke and hit a two-week high at over $410.

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