According to data submitted by the US Securities and Exchange Commission, Elon Musk’s $44 billion purchase of Twitter was facilitated by major cryptocurrency exchange Binance.
On May 5, Musk filed a revised general acquisition statement, indicating that, subject to the terms of co-investor equity commitment agreements, Twitter had acquired new finance commitments totaling $7.2 billion in conjunction with the merger deal.
According to the statement, Binance is one of 18 co-investors in the transaction, alongside prominent crypto industry titans such as Sequoia Capital Fund and Fidelity Management and Research Company.
Binance is the fourth-largest donor, with $500 million, trailing only the $1 billion given by the Lawrence J. Ellison Revocable Trust. Sequoia Capital and VyCapital contributed $800 million and $700 million, respectively.
Binance CEO Changpeng Zhao took to Twitter after the file was made public to describe the company’s investment as a “small contribution to the cause.”
Each of the document’s named equity investors has committed to making a contribution before or shortly after the acquisition closes.
Elon Musk, the billionaire CEO and founder of Tesla, announced the $44 billion acquisition of Twitter on April 25, with the deal set to close in 2022, subject to approval from Twitter investors and authorities.
He previously stated that one of his primary goals for Twitter will be to remove “spam and scam bots and the bot armies,” including those linked to cryptocurrency.
Although Binance’s desire to provide financial support for Musk’s Twitter takeover may surprise some, Musk has been a vocal supporter of the cryptocurrency sector for quite some time.
Musk has stated his support for Bitcoin (BTC) and Dogecoin (DOGE) on numerous occasions, and he is widely regarded as one of the industry’s leading cryptocurrency proponents.
To read our blog on “Elon Musk tweeted that Tesla will take Dogecoin for its products,” click here.
