Binance, one of the world’s largest crypto exchanges, has made a $500 million equity commitment to help finance Elon Musk’s takeover of Twitter.
Gatekeepers News reports that Binance, according to an amended 13-D schedule filed with the U.S. Securities and Exchange Commission on Wednesday, had the fourth-largest commitment among a dozen equity investors financing Elon Musk’s takeover of Twitter.
Binance pledged $500 million per the filing, while other institutions, including the Lawrence J. Ellison Revocable Trust, Sequoia, and VyCapital, invested $1 billion, $800 million, and $700 million, respectively.
Binance CEO Changpeng Zhao, while commenting on the news on Twitter, called the exchange’s $500 million investment a “small contribution to the cause,” presumably in reference to Musk’s commitment to upholding free speech on social media platform. The aggregate value of the newly reported commitments totals around $7.139 billion, 16.225% of what Musk paid for Twitter.
Musk, the world’s richest person and co-founder and CEO of the electric car maker Tesla, acquired 100% of Twitter at $54.20 per share in a deal worth approximately $44 billion.
“Twitter has extraordinary potential. I will unlock it,” Musk said in the offering letter filed to the board chairman at Twitter, Bret Taylor. He also shared his belief that taking the company private was the only way to ensure Twitter could serve as a beacon of free speech.
