{"id":10517,"date":"2022-05-05T12:59:00","date_gmt":"2022-05-05T12:59:00","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/binance-commits-500m-to-co-invest-in-twitter-with-elon-musk\/"},"modified":"2022-05-05T12:59:02","modified_gmt":"2022-05-05T12:59:02","slug":"binance-commits-500m-to-co-invest-in-twitter-with-elon-musk","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/binance-commits-500m-to-co-invest-in-twitter-with-elon-musk\/","title":{"rendered":"Binance commits $500M to co-invest in Twitter with Elon Musk"},"content":{"rendered":"

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Major crypto exchange Binance has participated in Elon Musk\u2019s $44 billion acquisition of Twitter, according to data filed with the United States Securities and Exchange Commission.<\/p>\n

On May 5, Musk filed an amended general statement of the acquisition, announcing that Twitter received an aggregate of about $7.2 billion in new financing commitments in connection with the merger agreement, subject to the conditions in co-investor equity commitment letters.<\/p>\n

According to the document, Binance is one of 18 co-investors in the acquisition alongside major crypto industry players like Sequoia Capital Fund and Fidelity Management and Research Company.<\/p>\n

Having invested $500 million, Binance is the fourth biggest contributor, following Lawrence J. Ellison Revocable Trust, which invested $1 billion. Sequoia Capital and VyCapital donated $800 million and 700 million, respectively.<\/p>\n

Binance CEO Changpeng Zhao\u00a0took to Twitter subsequently after the filing became public, describing the company\u2019s investment as a \u201csmall contribution to the cause.\u201d<\/p>\n

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A small contribution to the cause. https:\/\/t.co\/xD9XZxOWfL<\/p>\n

\u2014 CZ Binance (@cz_binance) May 5, 2022<\/a><\/p><\/blockquote>\n

Each listed equity investor mentioned in the document has committed to contribute to or immediately prior to the closing of the acquisition. \u201cEquity Investors have retained an option to satisfy such Equity Investor\u2019s equity commitment with shares of common stock held by such equity investor, valued at $54.20 per share,\u201d the document reads.<\/p>\n

Related:\u00a0Elon Musk swaps Twitter avatar for a horde of Bored Apes, BAYC floor price surges 10 ETH<\/em><\/strong><\/p>\n

The billionaire CEO and founder of Tesla, Musk officially announced the acquisition of Twitter on April 25, with the $44 billion worth transaction expected close in 2022, subject to the approval of Twitter stockholders as well as regulators. He previously said that one of his top priorities for Twitter would be to remove \u201cspam and scam bots and the bot armies,\u201d including those related to crypto.<\/p>\n

As previously reported by Cointelegraph,\u00a0Musk was pushing Binance to address some issues on its platform last year, causing a small Twitter battle with the Binance CEO. Musk specifically brought up a problem related to some stuck Dogecoin (DOGE) withdrawals on Binance, asking Zhao to explain the issue.<\/p>\n<\/div>\n