Binance allocated $500 million for Elon Musk’s Twitter purchase

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The entrepreneur gave this information in a report to the SEC

Binance allocated $500 million for Elon Musk’s Twitter purchase

05.05.2022 - 14:20

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What’s new? The Binance cryptocurrency exchange has allocated $500 million to fund the purchase of the social network Twitter, which was initiated by SpaceX and Tesla CEO Elon Musk. He revealed this information in a report to the US Securities and Exchange Commission (SEC).

Elon Musk’s report

Who else invested in the purchase? According to the filing, equity investors gave $7,14 billion. The Lawrence J. Ellison Revocable Trust wrote the largest check for $1 billion. In second place was Sequoia Capital, which invested $800 million. Third place went to VyCapital, which provided $700 million.

What events happened before? In late April, Twitter’s board of directors approved Musk’s proposal to buy the social network for $44 billion, at $54,20 per share. Cardano blockchain founder Charles Hoskinson had previously offered Musk help in creating a decentralized version of Twitter if his purchase offer was rejected.

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Editorial GetBlock Magazine

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