Crypto Exchange Platform, Binance Gives Elon Musk $500 Million to Buy Twitter

Crypto Exchange Platform, Binance Gives Elon Musk $500 Million to Buy Twitter

  • New reports have emerged how Elon Musk receive about $500 million from the world's largest crypto platform, Binance to help in buying Twitter
  • A new filing with the US Securities and Exchange Commission say that the platform is among the 18 firms which contributed about 7.2 billion for Musk to buy the company
  • The share price of the social media company jumped by 2 per cent following the news on Thursday

The world’s largest crypto exchange platform, Binance is giving the world’s richest man, Elon Musk about N207.5 billion in his bid to acquire the social media platform, Twitter.

According to data filed with the US Securities and Exchange Commission, the platform is part of Musk’s $44 billion deal to buy Twitter.

Twitter, Binance, Elong Musk
Binance contributes $500 million to Elon Musk Credit: Tara Mike
Source: Getty Images

18 investors give Musk $7.2 billion

Nairametrics report says that the amended general statement was filed by Elon Musk, which announced the billionaire’s acquisition of Twitter and said that the social media company received an aggregate of $7.2 billion in new funding commitment in relation to a merger agreement with the conditions of co-investor equity commitment letters.

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The document said the crypto exchange platform is one of the 18 co-investors in the purchase including major industry players like Sequoia Capital Fund and Fidelity Management and Research company.

According to TheStreet, a total of 19 companies have committed about $7.1 billion to help Elon Musk in his quest to take over Twitter.

Binance 'humble' about contribution

TheStreet stated that Binance’s Chief Operating Officer, CZ Zhao was not vocal about the $500 million investment to buy Twitter, calling it a small contribution to the cause.

Twitter shares rose to more than 2 per cent as the news filtered through.

Elon Musk reportedly moves to charge Twitter users per tweet has reported that Elon Musk is reportedly looking to ask websites to pay Twitter for embedding tweets in order to increase revenue for the social media service.

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The billionaire made the suggestion to banks as a way to attract lenders, according to Yahoo news.

World's Richest man Musk reportedly secured $13 billion in loans tied to his Tesla stock.


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