Binance Joins Elon Musk’s Twitter Takeover Bid with $500 Million Investment
Binance, the world’s largest crypto exchange by trading volume, has signed on as an equity investor in Elon Musk’s $44 billion takeover bid of Twitter, pouring $500 million to support the effort. This will be buttressed by an additional $800 million from venture capital firm Sequoia Capital and $316 million from investment firm Fidelity.
In total, 19 companies have committed approximately $7.1 billion to assist Musk in his quest to take over the popular microblogging site.
But the Binance CEO Changpeng “CZ” Zhao was humble about the half-billion dollar offering for Twitter, labeling it only “a small contribution to the cause” on the social media platform:
Twitter share prices jumped more than 2% following the news, reaching $50.12. Meanwhile, the crypto exchange’s popular stablecoin — the Binance Coin — reached $414 from a previous price of $399 after Binance’s announcement.