One of the most popular crypto exchanges, Binance is excited to commit $500 million towards Elon Musk’s Twitter buyout cause. This places the crypto marketplace in fourth place on the financiers’ list, based on commitment size.
Also, the document released on May 5, 2022, revealed the sums committed by other 17 equity investors to the Twitter buyout purse. Some of these investors include – Sequoia Capital Fund, L.P. ($800 million committed), VyCapital ($700 million committed), AH Capital Management, L.L.C. ($400 million committed), etc.
Notably, the highest funding on the list came from Lawrence J. Ellison Revocable Trust. The body pledged a huge amount of $1 billion to see the Twitter buyout come through.
Meanwhile, an existing investor, Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, has offered to retain his existing 34,948,975 Twitter shares. The aim is to still retain an equity investment in Twitter following completion of the acquisition.
In total, Musk has been able to secure $7.139 billion from the equity commitments. Thereby, reducing the strain on his personal fortune in financing the bid, according to the amended Schedule-13D SEC filling.
On the other hand, Binance exchange happens to be the only top crypto company to commit towards the Elon Musk’s $44 billion Twitter takeover. Of course, this has caused many eyebrows to be raised.
Speculation Rises as Binance Commits to Twitter Buyout
In line with the move from Binance, Crypto Twitter has begun to speculate. Summary of some views rendered assumes that the Chinaman is aiming at making Binance Coin (BNB) Twitter’s currency. Could this be true?
“We’re excited to be able to help Elon realize a new vision for Twitter. We hope to be able to play a role in bringing social media and web3 together and broadening the use and adoption of crypto and blockchain technology.”
Meanwhile, let’s not forget that Elon Musk has frequently presented Dogecoin (DOGE) as his favourite memecoin. Recently, the Tesla CEO changed his Twitter photo to a Bored Ape NFT image. Presently, it is hard to tell whether there will be any ‘Twitter currency’. Should there be any, only Elon can tell.