This is the largest single investment in cryptocurrency ever. It seems like Binance will have a long way to go before it catches up with what Tron has done recently, but that’s not too bad for having only been around since 2017!
Binance has committed $500 million to invest in Twitter with Elon Musk. The company is planning on investing in the social media platform through a new cryptocurrency called “Elon”. Read more in detail here: elon musk twitter.
According to the US Securities and Exchange Commission, Binance, a prominent cryptocurrency exchange, was a participant in Elon Musk’s $44 billion acquisition of Twitter.
On May 5, Musk submitted a revised general acquisition statement, saying that in connection with the transaction, Twitter had acquired fresh financial commitments totalling $7.2 billion, subject to the provisions of co-investor equity commitment agreements.
According to the release, Binance is one of 18 co-investors in the deal, which also includes famous crypto industry titans like as Sequoia Capital Fund and Fidelity Management and Research Company.
Binance has committed $500 million to Elon Musk’s Twitter purchase.
With $500 million, Binance is the fourth highest contributor, after only Lawrence J. Ellison Revocable Trust’s $1 billion contribution. Sequoia Capital and VyCapital both put in $800 million and $700 million, respectively.
Binance CEO Changpeng Zhao took to Twitter after the file was made public to explain the company’s donation as a “little contribution to the cause.”
A little donation to the cause. https://t.co/xD9XZxOWfL
May 5, 2022 — CZ Binance (@cz binance)
Each of the document’s identified equity investors has agreed to make a contribution before or soon after the transaction is completed.
On April 25, Elon Musk, the billionaire CEO and founder of Tesla, announced the $44 billion acquisition of Twitter, which is expected to close in 2022, assuming approval from Twitter investors and regulators. He has said that one of his key aims for Twitter would be to eliminate “spam and fraud bots and the bot armies,” especially those linked to bitcoin.
Although Binance’s intention to provide financial support for Musk’s acquisition of Twitter may come as a surprise to some, Musk has been a strong advocate of the cryptocurrency industry for quite some time.
Musk has declared his support for Bitcoin (BTC) and Dogecoin (DOGE) on several occasions, and he is generally considered one of the industry’s main cryptocurrency proponents.
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Binance has committed $500 million to invest in Twitter. Elon Musk and Binance have a long history with each other. The two companies are working together on the “Elon Musk” project, which is an electric car company that will be powered by cryptocurrency. Reference: elon musk binance.
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