Binance Backed Elon Musk’s Twitter Deal With $500 Million

A recent filing with the Securities and Exchange Commission revealed that Elon Musk had received backing from numerous large organizations for his bid to purchase Twitter. One of those names was the world’s largest crypto exchange, Binance, whose native cryptocurrency jumped to a 2-week high after the news came out.

• Last month, it became known that Musk had purchased a 9.2% stake in the social media giant, which was just the beginning of a thriller.
• Shortly after, he dabbled with the idea of becoming a board member, but he ultimately refused the proposition. What followed was quite a bit more significant as the billionaire said he wanted to purchase Twitter and turn it into a private company.
• Despite some criticism and uncertainty, reports emerged in late April claiming that Twitter had ultimately accepted a $44 billion bid.
• An updated Schedule 13D filing with the US financial watchdog shows that Musk had received backing for his bid from 18 corporate investors, including some with connections to the cryptocurrency industry.
• Sequoia Capital had allocated $800 million, Fidelity just over $316 million, and Binance – $500 million.
• Interestingly, BNB jumped by nearly 5% after the news broke and tapped a two-week high at over $410.