Elon Musk’s Twitter takeover has been a widely discussed topic over the last couple of weeks. From speculations on what Musk might do with his version of Twitter to the addition of potential cryptocurrencies, Musk has been making headlines. While Musk has time and again amassed support from the crypto industry, the latest one is rather expensive. One of the world’s largest cryptocurrency exchanges, Binance has reportedly decided to pour $500 million into Twitter.
Elon Musk went on to reveal that he had raised funds of a whopping $7.14 billion to acquire Twitter. Apart from all the loans he garnered through banks for his big takeover, Musk had to raise $21 billion of equity to carry out the purchase.
An array of firms and individuals came together to aid Musk’s $44 billion Twitter acquisition. Among other firms was Binance. A Schedule 13D form filed by the firm with the Securities and Exchange Commission [SEC] brought this to light.
Source – Twitter
Apart from Binance, the list of equity investors entailed firms like Sequoia who shelled out $800 million. VyCapital, a Dubai-based investment company is expected to give $700 million. Elon Musk bagged the highest investment from Lawrence Ellison, the co-founder of Oracle who poured in $1 billion. He contributed to the Lawrence J. Ellison Revocable Trust.
Additionally, Musk was obligated to file this form with the regulator as all the entities entail more than 5 percent of Twitter’s equity shares.
Binance’s contribution to Elon Musk’s Twitter
As the entire community was left surprised by this unique collaboration, Changpeng Zhao, the CEO of Binance took to Twitter to acknowledge the firm’s contribution. CZ suggested that Binance was making a small contribution to the cause.
Speculations poured in as well. An array of them began suggesting the possible inclusion of Binance Coin [BNB] into Twitter along with Musk’s favorite crypto Dogecoin [DOGE].