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    With a $500 million contribution, Binance finances Elon Musk’s takeover of Twitter

    According to Elon Musk’s updated Schedule 13D filed with the Securities and Exchange Commission (SEC), Binance has agreed to pay $500 million to Twitter. This demonstrates Binance’s support for Elon Musk’s acquisition of Twitter. Binance is one of 18 equity investors backing Elon Musk’s $44 billion takeover bid for Twitter.

    Binance’s Changpeng Zhao responded to the news by tweeting:

    Tweet: https://bit.ly/3KNUxa7

    The news ecstatically greeted the Twitter crypto community. Prominent cryptocurrency accounts, such as Bitcoin Archive, said that it was simply “pocket change” for Binance. Meanwhile, BlueOfficial’s CEO referred to the gift as “Boss moves,” as other members of the community applauded.

    Binance has the fourth-highest aggregate equity commitment among the 18 equity investors, after only Dubai-based VyCapital ($700M), Sequoia Capital Fund ($800M), and Lawrence J. Ellison Revocable Trust ($1B). All of these commitments have resulted in a total of approximately $7.139 billion.

    Musk needs a total of $21 billion in funding agreements to complete the transaction. In other developments, Binance has been quite busy in its business over the last two months. CZ posted a summary of Binance’s operations from February 28, 2022, to May 4, 2022. Binance received permits from Bahrain and Dubai, registration from Sweden and France, and in-principle permission from Abu Dhabi, according to the tweet.

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