It’s not totally accurate that billionaire Elon Musk acquired Twitter for $44 billion on his own. Indeed, Tesla’s mercurial CEO received a slight boost from 18 co-investors. One of the most significant is none other than… Changpeng “CZ” Zhao, the CEO of Binance cryptocurrency exchange!
Elon Musk received $7.1 billion in assistance to acquire Twitter.
After first purchasing 9.2 percent of Twitter’s TWTR shares in early April 2022, engineer-billionaire Elon Musk made headlines by putting $44 billion on the table to buy back all of the social network’s shares at the Blue Bird.
According to a new official document filed by the SEC on May 4, 2022, Elon Musk obtained assistance from multiple significant investors to conduct this massive acquisition deal. These co-investors’ commitment letters commit them to covering a total of almost $7.14 billion of the cost of acquiring Twitter.
Among them are big investment funds such as Sequoia Capital Fund and Fidelity Management, which contributed $800 million and $316 million, respectively. Not only that, but a certain “Binance” has snuck into the co-investors, as seen in the summary table below.
Binance has made a $500 million investment in Elon Musk.
As a result, we can observe that the Binance cryptocurrency trading platform has devised several significant strategies to assist Elon Musk with his Twitter acquisition.
Because, despite Changpeng Zhao, co-founder and CEO of Binance, declaring in a tweet that this is “a little contribution to the cause,” the crypto-stock market has just staked half a billion dollars on the social network.
The Lawrence J. Ellison Revocable Trust, on the other hand, will continue to be Elon Musk’s largest co-contributor. Indeed, Larry Ellison’s fund – the inventor of the corporation Oracle and its namesake database management software – will have given $1 billion for Twitter’s takeover.
Hopefully, Binance’s assistance to Elon Musk will expedite Twitter’s acceptance of Bitcoin (BTC) and other cryptocurrencies. Changpeng Zhao and his cryptocurrency exchange are all too aware of the issues that may arise from attempted scams on Twitter, which use spambots to dupe crypto-enthusiasts. Perhaps the Dogecoin (DOGE) can aid in the fight against these nefarious spam bots.