Binance Will Invest $500 Mln In Twitter With Elon Musk

2022-05-05 | Selina Mathew

Binance Will Invest $500 Mln In Twitter With Elon Musk

Along with organizations like Sequoia Capital Fund and Fidelity Management and Research Company, Binance is one of 18 co-investors in Elon Musk's Twitter purchase.

According to data submitted by the US Securities and Exchange Commission, major crypto exchange Binance participated in Elon Musk's $44 billion acquisition of Twitter.

On May 5, Musk filed a revised general statement of acquisition, indicating that Twitter had acquired fresh finance commitments totaling $7.2 billion in conjunction with the merger deal, subject to the terms of co-investor equity commitment agreements.

Binance is one of 18 co-investors in the transaction, among prominent crypto industry giants such as Sequoia Capital Fund and Fidelity Management and Research Company, according to the statement.

Binance is the fourth largest contributor, with $500 million, behind Lawrence J. Ellison Revocable Trust, which put in $1 billion. Sequoia Capital and VyCapital each contributed $800 million and $700 million.

After the file was made public, Binance CEO Changpeng Zhao turned to Twitter to describe the company's investment as a "little contribution to the cause."

Each of the document's named equity investors has promised to contribute before or shortly before the acquisition's conclusion. The agreement states that "Equity Investors have maintained an option to meet such Equity Investor's equity commitment with shares of common stock held by such equity investor, valued at $54.20 per share."

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