Binance Backs Elon Musk Twitter Deal With $500 Million

According to a recent filing with Securities and Exchange Commission, Elon Musk received support from many large companies for his bid at purchasing Twitter. Binance, the largest cryptocurrency exchange in the world, was one of the names that supported Elon Musk’s bid to buy Twitter. Binance’s native cryptocurrency saw a 2 week high just after the news broke.

  • Musk bought a 9.2% stake at the social media giant last month. This was only the beginning of a story.
  • He briefly considered becoming a board member shortly after. But he refused to accept the offer. The next step was even more important. He stated that he wanted Twitter to be a private company and bought it.
  • In spite of some doubt and criticism, reports surfaced in April that claimed Twitter had accepted a bid of $44 billion.
  • A Schedule 13D update filed with the US financial watchdog shows Musk received support for his bid by 18 corporate investors, some of which have connections to the cryptocurrency industry.
  • Sequoia Capital had committed $800 million, Fidelity was just over $316 million and Binance was $500 million.
  • BNB rose by almost 5% immediately after the news broke, and hit a two-week high of over $410.