Binance joins other equity investors in providing financial backing for Elon Musk’s Twitter acquisition plans.
World’s largest cryptocurrency exchange by trade volume Binance has committed $500 million to fund Elon Musk’s effort to acquire popular microblogging platform Twitter.
According to a 13D filing with the United States Securities and Exchange Commission (SEC), Binance was spotted among other equity investors who have pledged significant amounts to finance the deal.
So far, a total of 19 equity investors, including Binance, have committed a total of $7.1 billion to finance the Tesla exec’s mission of acquiring the largest microblogging platform.
Commenting on the development, Binance CEO and founder Changpeng “CZ” Zhao described the $500 million financial backing as a small commitment to the cause.
A small contribution to the cause. https://t.co/xD9XZxOWfL
— CZ 🔶 Binance (@cz_binance) May 5, 2022
Musk’s Quest to Acquire Twitter
Recall that Musk saw his bid to acquire 100% stake in twitter approved by the company after offering $54.20 for each Twitter share.
With the board accepting Musk’s bid, the Tesla exec will now be required to pay approximately $44 billion in order to acquire the company.
Musk noted that one of the reasons that prompted him to make the move was to make Twitter a major proponent of free speech.
The founder of the American car company also disclosed earlier his intention to take the company private once the deal is complete.
Musk Advocating for Cryptos
While Binance’s intention to provide financial backing for Musk’s Twitter acquisition may come as a shock to many, it is worth noting that Musk has been advocating for the cryptocurrency industry.
Musk is known as one of the top cryptocurrency proponents in the industry, who has always declared his support for Bitcoin (BTC) and Dogecoin (DOGE) on numerous occasions.
The crypto billionaire noted that once he acquires 100% Twitter stake, he would wage war against Twitter bots and their creators in a bid to mitigate cryptocurrency scam posts on the platform.
Musk recently joined Mark Cuban in a petition issued to the U.S. Supreme Court, requesting that the court review the SEC’s gag order that prevents settling defendants, especially cryptocurrency entities, from speaking up.