Binance commits $500m for Elon Musk’s Twitter takeover

Binance, the world's largest cryptocurrency exchange and the trading place of a wide variety of cryptos including NFT utility tokens like Decentraland, Sandbox, Quint and so on, has pledged $500 million to assist Elon Musk in his acquisition of Twitter.

In a May 4 filing, the firm is one of several financiers who claimed they will contribute to Musk's ownership of the social networking site.

According to FN London, Musk's plan to take Twitter private has received support from 19 investors, who have promised a total of $7.1 billion.

According to a filing with the US Securities and Exchange Commission (SEC) on Thursday, Tesla CEO Elon Musk has received funds from 18 firms to buy Twitter Inc.

In connection with his proposed acquisition of Twitter, Musk received equity commitment letters from these investors on May 4 "providing for an aggregate of about $7.139 billion in fresh finance commitments," according to the SEC filing.

Sequoia Capital Fund, which pledged $800 million, crypto exchange Binance, which committed $500 million, AH Capital Management (aka Andreessen Horowitz, a16z), which committed $400 million, and Fidelity, which committed over $300 million, are among the list of investors.

Binance said independently on Thursday that it "plans to contribute $500 million in Twitter buyout alongside Elon Musk." Changpeng Zhao (CZ), the company's CEO, said:

“We're ecstatic to be able to assist Elon in realizing a new Twitter vision... We intend to help connect social media and web3 together, as well as expand the use and use of crypto and blockchain technologies."