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Binance Commits $500M To Elon Musk's Twitter Takeover
Summary: The world’s largest cryptocurrency exchange by volume, Binance, has committed $500 million to Elon Musk’s $44 billion Twitter (TWRT) takeover, according to an updated Schedule 13D filing with the U.S. Securities and Exchange Commision (SEC) filed on Wednesday. Binance CEO and founder, Changpeng “CZ” Zhao, took to Twitter to comment on the committed funds saying ...
The world’s largest cryptocurrency exchange by volume, Binance, has committed $500 million to Elon Musk’s $44 billion Twitter (TWRT) takeover, according to an updated Schedule 13D filing with the U.S. Securities and Exchange Commision (SEC) filed on Wednesday.
Binance CEO and founder, Changpeng “CZ” Zhao, took to Twitter to comment on the committed funds saying “a small contribution to the cause.”
"We're excited to be able to help Elon realize a new vision for Twitter," Changpeng Zhao, Binance's CEO said in a Binance announcement. "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."
When the Tesla and SpaceX CEO first announced he would bid to buy Twitter, Zhao tweeted, “Privatize it, issue a token, decentralize it. Cost per blue tick accounts to reduce spam/scam. NFTs, metaverse….”
A Schedule 13D filing is a form that must be submitted to the SEC when an entity acquires more than 5% of a company’s equity. In the filing there were 18 entities that committed a total of more than $5 billion. In addition to Binance, other entities included AH Capital Management, Fidelity and $800 million from Sequoia Capital Fund. Here is a full list on the Schedule 13D filing:
In order to pay for the $44 billion acquisition, Musk has received $25.5 billion of fully committed debt, including $12.5 billion in loans against his Tesla stock. In addition, he sold 9.6 million Tesla shares worth $8.5 billion.
At the time of writing, Twitter shares were up to $50.83, which was a $1.73 increase on the day. On the other hand, Tesla was down $65.70 on the day, which comes out to $886.92 per share.
After the Binance announcement, their native coin Binance coin (BNB) rose from $387 to $411, before going back to that original number, according to Bitpush terminal data. It is currently valued at $387.86. Here is a look at what BNB has done in the last 24 hours:
Author: Tyler Irvin
Tags: Binance,Elon Musk,Sequoia Capital,Twitter
Link: Binance Commits $500M To Elon Musk's Twitter Takeover [Copy]
