Binance Joins Elon Musk in Twitter Takeover

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

The Crypto Giant Binance is one of ten outside investors who want to finance the acquisition of Twitter by Elon Musk, an acquisition valued at 44 billion dollars, according to a file published today.

Binance wants to help Elon Musk buy Twitter

The amended 13-D file, filed with the sacrosanct Securities and Exchange Commission, reveals a $500 million commitment from Binance. Venture capital firm Sequoia reportedly accounts for $800 million, Fidelity $316 million and a16z $400 million. The total commitments in this document amount to approximately $5.2 billion. Saudi billionaire Prince Al-Walid bin Talal Al Saud, an existing investor, also opted to keep 34.9 million shares, subject to certain conditions.

“We are happy to help Elon realize a new vision for Twitter,” Binance CEO Changpeng Zhao told The Block. “We hope we can play a role in bringing social media closer to web3 and democratizing crypto and blockchain technologies.”

The exchange is committed to the tune of $500 million

In April, Elon Musk agreed to pay $54.20 per share for Twitter. The transaction, which would make Twitter a private company, should be finalized this year, if all the authorizations are obtained, of course. The announcement came four days after the American multi-billionaire unveiled the financial details of this acquisition. This led the board of directors of Twitter to seriously analyze this proposal.

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

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