Crypto exchange giant, Binance, has committed $500 million to help finance Elon Musk takeover of Twitter. The venture capital firm, Sequoia Capital, also committed $800 million. A total of 19 parties have committed around $7.1 billion Out of the $44 billion takeover.
Binance is the fourth largest donor behind Lawrence J. Ellison Revocable Trust, Sequoia Capital and VyCapital. Each contributed $1 billion, $800 million and $700 million respectively.
- According to an updated Schedule 13D filing with the U.S. Securities and Exchange Commission (SEC) filed on Wednesday, the world’s largest crypto exchange was among the equity investors for the deal.
- A Schedule 13D is a form which must be submitted to the SEC when an entity acquires more than 5% of a company’s equity shares.
- Shares of Twitter were up nearly 3% in pre-market trading, while tokens of BNB Chain (BNB) pumped from $399 to $414 following news of Binance’s commitment.
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All Images from Kanchanara.
