Binance Pours in $500 Million Into Elon Musk Led Twitter Purchase

  • Elon Musk obtained a record $7.14 billion in money to purchase Twitter.
  • Musk had to acquire $21 billion in equity to complete the acquisition.

Over the last several weeks, Elon Musk’s Twitter takeover has been extensively discussed. Musk has been in the news for various reasons, including rumors about what he would do with his own version of Twitter and the inclusion of possible cryptocurrencies. Even though Musk has garnered the backing of the crypto sector on several occasions, the current one is a little pricey. Binance, a major cryptocurrency exchange, has allegedly agreed to invest $500 million in the microblogging service Twitter.

Elon Musk obtained a record $7.14 billion in money to purchase Twitter. In addition to the financing he secured from banks, Musk had to acquire $21 billion in equity to complete the acquisition. The $44 billion purchase of Twitter by Elon Musk was supported by a wide range of businesses and people. However, the Securities and Exchange Commission [SEC] learned about it when the business submitted a Schedule 13D form.

Companies like Sequoia, which invested $800 million, were among the equity investors in addition to Binance. Investor VyCapital, headquartered in Dubai, will provide $700 million. Lawrence Ellison, Oracle’s co-founder, invested $1 billion in Elon Musk’s company.

This document has to be filed with the regulator since Musk holds more than 5% of Twitter’s shareholding. Changpeng Zhao, the CEO of Binance, went to Twitter to express his gratitude for the firm’s contribution to the community. However, CZ opined that Binance’s contribution to the cause was insignificant. There were also a lot of wild guesses. Several of them started making a case for the introduction of Binance Coin [BNB] and Dogecoin [DOGE] on Twitter.

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