Crypto News

Binance has backed Elon Musk’s $500 million Twitter deal

A recent filing with the Securities and Exchange Commission revealed that Elon Musk had received support from numerous major organizations for his bid to buy 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 broke.

  • Last month, news broke that Musk had acquired a 9.2% stake in the social media giant, which was just the beginning of a thriller.
  • Shortly thereafter, he dabbled with the idea of ​​becoming a board member, but ultimately rejected the proposal. What followed was far more significant when the billionaire said he wanted to buy Twitter and turn it into a private company.
  • Despite some criticism and uncertainty, reports surfaced in late April claiming Twitter ultimately accepted a $44 billion offer.
  • An updated Schedule 13D filing with the US Financial Services Authority shows Musk had received support for his bid from 18 corporate investors, including some with ties to the cryptocurrency industry.
  • Sequoia Capital had pledged $800 million, Fidelity just over $316 million and Binance – $500 million.
  • Interestingly, after the news broke, BNB surged nearly 5% to hit a two-week high above $410.

Source: Crypto News Deutsch

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