Today’s largest crypto exchange, Binance, co-invests $500 million to Elon Musk’s bid to acquire major social media platform Twitter for $44 billion, as per a revised 13D filing the exchange submitted to the Securities and Exchange Commission (SEC). Changpeng Zhao, the head of Binance, took to Twitter itself to publicize this particular move, calling the exchange’s half a billion commitment to Musk’s current efforts “a small contribution to the cause.”
The filing notes that, alongside Binance, several other notable investors committed substantial amounts of money towards the Tesla and SpaceX CEO’s acquisition bid. The largest investor as of press time, Larry Ellison, committed $1 billion, Sequoia Capital with $800 million, Andreessen Horowitz with $400 million, Fidelity with $316 million, etc.
As it currently stands, the total backing Elon Musk is set to receive regarding his $44 billion bid to acquire Twitter already topples the $7 billion mark. Notably, Binance’s $500 million co-investment puts it as the fourth largest contributor at the moment of writing.
Billionaire founder of Tesla, Elon Musk, officially announced his intentions to purchase Twitter downright last April 25, with the aforementioned $44 billion worth transaction expected to be finalized within this year at the earliest, depending on when the social media giant’s stockholders and current regulators give the green light.
Musk, who has previously criticized Twitter itself, stated that one of his top priorities for when he officially acquires the social media platform is to remove scam and phishing bots as well as the presence of bot armies, including those that take advantage of cryptos.