Monday, May 16, 2022
Home Crypto News Market Binance Declares Support for Elon Musk’s Twitter Takeover Via a $500 Million...

Binance Declares Support for Elon Musk’s Twitter Takeover Via a $500 Million Investment

- Advertisement -
Follow-Us-On-Google-News

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.

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.

- Advertisement -

Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Top Hedge Fund Manager Who Warned Investors, Says Terra’s Project Was Destined to Fail Due To High Yield

The hedge fund manager said Terra failed because the system was designed to enrich investors and the team. ...

SHIB Army Burns 449.98 Million Shiba Inu In 24 Hours, 2.17 Billion In A Week

2.17 Billion Shiba Inu (SHIB) Burnt within the Last 7 Days and 449.98 Million During Last 24 Hours. ...

Ethereum Founder Vitalik Buterin “Strongly Agrees” With Terra’s Plan to Compensate Small TerraUSD (UST) Investors Over Rich Ones 

The Ethereum creator believes that a plan to focus more on compensating small investors is a good hybrid formula. ...

Ethereum Founder Sends 500 ETH To Dogecoin Foundation

Ethereum Founder Sends 500 ETH To Dogecoin Foundation. It’s not always that Vitalik Buterin sends funds to support other crypto projects. However, he appears to...

Binance CEO Says Buy Back Or Burn Terra (LUNA) To Create Value, Confirms Exchange Doesn’t Hold UST

Binance CEO Says The Exchange Doesn’t Hold Any UST and Terra team should Burn LUNA to help price recover. ...

Top DeFi Coins Ready to Explode: Chainlink (LINK), Fantom (FTM), and Logarithmic Finance (LOG)

DeFi is rapidly surpassing conventional banking as an innovative application, and the expansion in the future years will be unparalleled. From pioneering borderless payment to...

Can Calyx Token (CLX) Empower the DeFi Space as Tron (TRX) Empowers the DApps Community?

DeFi tokens are taking over the market in the world of digital currencies due to their ability to be swapped or traded for other...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.