Binance Is Among Investors Backing Musk's Twitter Buyout

by in Cryptocurrency News

Elon Musk Twitter Binance

Leading cryptocurrency exchange Binance backs Tesla CEO Elon Musk's purchase of Twitter. According to an SEC filing, the company committed $500 M in equity financing. Binance is one of 19 equity investors. According to the document, the raised amount is above $7 bln.

Related: Elon Musk Says He Owns Crypto and Won't Sell

Other participants include Fidelity, Qatar Holding, Vy Capital, The Lawrence J. Ellison Revocable Trust, and others. Binance Chief Executive Officer Changpeng Zhao (CZ) tweeted about the investment saying it was a small contribution to the cause.

Saudi Arabian investor Prince Alwaleed bin Talal also backed the financing. Already being a major Twitter shareholder, he made an investment of 34,948,975 shares valued at $54.20 per share. His investment was equal to $1.9 billion dollars.

Earlier, in April it was announced that the billionaire businessman will acquire Twitter for $44 bln. Musk is a supporter of the meme coin Dogecoin. Also, he previously said he owns Bitcoin, Ether and DOGE and had no plans to sell the holdings.