Binance Backed Musk’s Twitter Acquisition Bid With $500M

Binance backed Musk’s Twitter acquisition bid with $500 million along with Fidelity, Qatar, a16z and Larry Ellison so let’s have a closer look at today’s latest Binance news.

Binance as the world’s biggest crypto exchange committed $500 million to Musk’s $4 billion bid to acquire Twitter as per the 13D filing with the SEC. The CEO Changpeng Zhao shared the news and called it a small contribution to the cause. The filing indicated that Sequoia Capital added $800 million, a16z added $400 million and Qatar Holdings added $375 million with Fidelity added $315 million. The total backing is about $7.1 billion from the list of investors and a schedule 13D has to be filed with the SEC whenever an entity like ElonMusk acquired about 5% of the company.
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Not shown in the documents is Saudi Arabian billionaire Al Waleed bin Talal Al Saud and his commitment to Twitter shares. He committed 34,948,975 TWTR shares valued of $54.20. With most of the crypto chatter happening ont social media platforms, it doesn’t come as a surprise that Web3 enthusiasts were watching Musk’s move and acquire Twitter. The acquisition saga started on April 4 when Musk bought a 9.2% stake in the company but right after, he was added to the company’s board of directors. He made an offer to buy the company outright for the bid of $43 billion and then accepted the offer of $44 billion. Musk said in a statement after the acceptance of the offer:

“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated. Twitter has tremendous potential—I look forward to working with the company and the community of users to unlock it.”

Binance backed Musk’s Twitter but the Coinbase CEO Also chimed in saying that Elon buying Twitter is a great win for free speech and changes the trajectory of the world than most realize. As for Musk’s plans for unlocking Twitter’s potential, he suggested introducing an edit button and making Twitter’s code open-source, and avoiding spambots that plague the platform. It could also mean the platform will continue to add more crypto-based tools. The goal of integrating more crypto components is important to DOGE holders as the world’s richest man became the face of the popular meme coin. During the TED event back on April 14, he hinted at DOGE for payments for Twitter’s premium Blue subscription service but it remains to be seen how these ideas will manifest, and for now, enthusiasts could be content with the spectacle of the internet town hall changing the guard.