Crypto News: Binance Commits $500M On Elon Musk Twitter Takeover

Crypto News – Binance, a major crypto exchange, according to data submitted by the US Securities and Exchange Commission. Participated in Elon Musk’s $44 billion acquisition of Twitter.

iexclusivenews reports that Elon Musk, on May 5, filed a revised general statement of acquisition. Indicting that Twitter had acquired new finance commitments totaling $7.2 billion in conjunction with the merger deal. Subject to the terms of co-investor equity commitment letters.

This online news outlet understands that 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.

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

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Binance CEO Changpeng Zhao, after the file was made public, took to Twitter to describe the company’s investment as a “little contribution to the cause.”

A small contribution to the cause. https://t.co/xD9XZxOWfL

— CZ 🔶 Binance (@cz_binance) May 5, 2022

Each of the document’s named equity investors has agreed to contribute immediately prior to the acquisition’s conclusion.

“Equity Investors have retained an option to satisfy such Equity Investor’s equity commitment with shares of common stock held by such equity investors. Valued at $54.20 per share,” the document reads.

What You Need To Know

On April 25, billionaire Tesla CEO and founder Elon Musk officially announced the acquisition of Twitter. With the $44 billion deal slated to completion in 2022, pending clearance from Twitter stockholders and regulators.

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He previously stated that removing “spam and fraud bots and the bot armies,” including those tied to cryptocurrency, would be one of his main goals for Twitter.

As previously reported by Cointelegraph, Musk was pushing Binance to address some issues on its platform last year, causing a small Twitter battle with the Binance CEO.

Musk specifically brought up a problem related to some Dogecoin (DOGE) withdrawals stuck on Binance, asking Zhao to explain the issue.