According to a Securities and Exchange Commission (SEC) complaint, several investors and venture capitalists, including Binance, supported Elon Musk’s takeover of Twitter. The platform’s CEO, Changpeng Zhao, described it as a “meager contribution to the cause.”
Binance, a cryptocurrency trading platform, contributed $500 million to Elon Musk’s April 25 takeover of Twitter.
According to the Securities and Exchange Commission (SEC) filing, Binance was one of 17 investors who took part.
We also find investment funds that are familiar with the cryptocurrency ecosystem, such as Sequoia Capital, which invested up to 800 million dollars, Fidelity, which invested up to 316 million dollars, and even a16z (Andreessen Horowitz), which invested 400 million dollars.
When a firm purchases more than 5% of a public company’s publicly traded stocks, the SEC document, Form 13D, must be filed with the SEC within 10 days.
Soon after the information was exposed, Binance CEO Changpeng Zhao tweeted that it was merely “a little contribution to the cause.”
A small contribution to the cause. https://t.co/xD9XZxOWfL
— CZ 🔶 Binance (@cz_binance) May 5, 2022
An exit that parallels Elon Musk’s previous tweet from April 14, when he made his initial offer to buy Twitter, in which he stated on the subject:
“Privatize it, release a token, decentralize it. Add a cost to verified accounts to reduce spam and scams. NFTs, metaverse… »
Tesla’s CEO had stated that following the takeover of Twitter, he would make the platform a truly free place of speech, that he would battle the network’s bots, and that he would divulge the algorithm of the famous social network utilized by more than 320 million people worldwide.
Following the revelation, the price of the BNB token increased by $10, climbing from $400 to $410 before falling back to its current price of $404. Dogecoin (DOGE), billionaire Elon Musk’s favorite memecoin, was unaffected by the announcement.