Musk’s $44 billion Twitter acquisition was aided by a number of companies and individuals. Binance was one of the companies involved. This was revealed via a Schedule 13D form submitted by the firm with the Securities and Exchange Commission [SEC].
The takeover of Twitter by Elon Musk has been a hot issue in the previous several weeks. Musk has been generating news for a variety of reasons, including conjecture about what he would do with his own version of Twitter and the addition of prospective cryptocurrencies. While Musk has received help from the crypto sector on several occasions, the most recent one is quite costly. Binance, one of the world’s largest cryptocurrency exchanges, is said to be investing $500 million in Twitter.
Elon Musk went on to say that he has raised $7.14 billion in order to purchase Twitter. Apart from the bank financing, Musk needed to raise $21 billion in equity to complete the acquisition.
Apart from Binance, equity backers included Sequoia Capital, which contributed $800 million. The investment firm VyCapital, based in Dubai, is expected to contribute $700 million. Elon Musk received the largest investment from Oracle co-founder Lawrence Ellison, who put in $1 billion. The Lawrence J. Ellison Revocable Trust was funded by him. Musk was also required to file this document with the SEC because all of the entities own more than 5% of Twitter’s stock.
The total amount of equity commitments stated in the filing is approximately $5.2 billion. According to the filing, Saudi Arabian billionaire HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud (Kingdom) has chosen to keep 34,948,975 shares, subject to certain conditions.
Binance’s small contribution to the cause
As the entire community was taken aback by this unusual collaboration, Binance CEO Changpeng Zhao moved to Twitter to express his gratitude. CZ claimed that the exchange platform was contributing a tiny amount to the cause.
There were other rumours flying around. Several of them suggested that Binance Coin [BNB] and Musk’s favourite cryptocurrency, Dogecoin [DOGE], be added to Twitter.