Tesla Inc (NASDAQ: TSLA) CEO Elon Musk has landed backers for his buyout of social media platform Twitter Inc (NYSE: TWTR).
What Happened: Agreements were reached with 19 total investors, including 18 new companies to help facilitate Musk’s $44 billion buyout of Twitter.
Among the investors were two names that are well known in the cryptocurrency space: Binance and a16z.
Cryptocurrency platform Binance is contributing $500 million towards the acquisition.
“We hope to be able to play a role in bringing social media and web3 together and broadening the use and adoption of crypto and blockchain technology,” CEO Changpeng Zhao told The Block Crypto. He called the $500 million “a small contribution to the cause.”
Another contributor to the new funding was a16z, which is committing $400 million for the acquisition. A16z, also known as Andreessen Horowitz, is a well-known venture capital firm. Co-founder Ben Horowitz shared news of the investment and the reasons why …
Full story available on Benzinga.com