Binance Commits $500 Million to Elon Musk’s Twitter Acquisition

Binance, the world’s largest cryptocurrency exchange by trading volume, has recently announced that it has committed a whopping $500 million to support Elon Musk’s acquisition of the popular microblogging platform Twitter.

According to a 13D filing with the United States Securities and Exchange Commission (SEC), Binance is among a number of other equity investors that are backing the deal.

Read Also: WSJ Report: Twitter Is Seriously Considering Elon Musk’s Offer, Deal Could Be Finalized This Week

Based on the filing, a total of 19 investors have committed a total of $7.1 billion to finance Elon Musk’s Twitter acquisition.

Binance CEO, Changpeng Zhao, popularly known as CZ, has also confirmed the company’s commitment to the deal in a recent tweet.

In the tweet, CZ described the whopping $500 million as a small commitment to the cause

CZ Binance wrote, “A small contribution to the cause.”

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It can be recalled that Musk’s bid to acquire a 100% stake in Twitter was approved by the company’s stakeholders after offering $54.20 for each share.

This applies that the approval of the bid will make Tesla’s CEO spend relatively $44 billion in order to acquire the famous microblogging platform.

According to Tesla’s boss, one of the major reasons for the acquisition is to promote free speech. He also plans to take the company private once the deal is officially complete.

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