Binance contributes $500 million to Elon Musk to buy Twitter

Key facts:
  • The exchange will have to pay at the time of purchase or ‘right before’.

  • Last February, Binance became the largest shareholder in Forbes.

Elon Musk is not alone in his quest to take over Twitter. Among those accompanying him is the world’s largest bitcoin and cryptocurrency exchange: Binance.

committed exchange A contribution of $500 million to the entrepreneur’s purchase of the social network. This amount of money is part of a fund of about 7,139 million that had commitments of more than ten participants, as shown Leaves Filed by Musk with the US Securities and Exchange Commission (SEC).

The amount is divided into about 5,240 million pledged by various investors and the possibility of holding approximately 35 million shares for Saudi Prince Al-Waleed bin Talal bin Abdulaziz Al Saud. This number of shares is equal to just under $1.9 billion They will complete raising about 7139 million.

Investors include Fidelity and Sequoia Capital. Source: SEQ.

The total amount of the fund is approximately equal to to one-sixth of the total $44,000 million Presented by Musk To take Twitter.

Binance Founder and CEO Changpeng Zhao hung Through the same social network that the amount that the exchange commits is just a “small contribution to the cause”.

Prior to this investment, in February, the Zhao Stock Exchange has already become In the largest shareholder Specialized broker Forbes. With a capital investment of nearly $400 million, Binance accounts for 50% of the magazine’s overall sales. Same thing two years ago Has sued for defamationas we reviewed on CriptoNoticias.

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