Binance Confirms $500M Investment in Elon Musk's Twitter Takeover

Binance Confirms $500M Investment in Elon Musk's Twitter Takeover

Image: U.Today | Tesmanian

Binance, the world's largest cryptocurrency exchange, has confirmed its participation as an equity investor in Elon Musk's $44 billion deal to buy Twitter. The exchange allocated $500 million.

Binance, the world's largest cryptocurrency exchange, has confirmed that it has taken part in Elon Musk's Twitter acquisition deal that closed earlier this week. Binance CEO Changpeng Zhao ‘CZ’ confirmed this in a statement emailed to Decrypt:

“We're excited to be able to help Elon realize a new vision for Twitter. We aim to play a role in bringing social media and Web3 together in order to broaden the use and adoption of crypto and blockchain technology.”

Earlier this week, CZ confirmed that Binance would honor its earlier pledge of $500 million to Musk's Twitter acquisition bid, stressing that the deal would offer a chance to help link social media and news to Web3. Late on Thursday evening, he revealed on Twitter that Binance had already transferred the said amount as part of the deal. Binance first announced plans to support Musk's acquisition of Twitter in an SEC filing in May this year, with the exchange's CEO calling the move ”a small contribution to the cause.”

The primary financiers that helped the CEO of Tesla and SpaceX fund the deal include Morgan Stanley, Bank of America, and Barclays, each committing at least $2.5 billion in debt financing for the deal. Other equity investors participating in the acquisition include Sequoia Capital, Qatar Investment Authority, and Fidelity Management & Research, among many others.

© 2022, Eva Fox | Tesmanian. All rights reserved.


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About the Author

Eva Fox

Eva Fox

Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.

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