Binance, the world’s largest crypto exchange, appears to be among the parties proving Elon Musk with funding for his takeover of Twitter. The move was revealed in a filing by Musk to the Securities and Exchange Commission (SEC).
The filing, an amended 13D, shows that Binance has made a equity commitment of $500 million to the takeover. The commitment sees Binance join several major private equity players vying for a stake in the soon-to-be privatized Twitter.
Binance CEO Changpeng “CZ” Zhao called the move a “small contribution to the cause.”
Binance among biggest providers of funding for the deal
Binance’s commitment to the deal is at the higher end of other commitments, with only about four entities offering bigger amounts. This could see the exchange have a sizeable stake in the social media giant after the transaction is closed.
Musk has already hinted at incorporating Dogecoin payments into the platform. But it is unclear how such a scenario will play out.
Binance’s presence as a major stakeholder could see Twitter pivot further into crypto adoption, even through a partnership with the crypto exchange.
But Binance CEO CZ downplayed any speculation that the firm would play a major role in decision making.
We are very small percentage wise. Elon runs the show.
CZ has echoed Musk’s rhetoric on the importance of free speech- a key driver behind the Twitter deal. CZ has also welcomed plans to crack down on Twitter bots, which are a constant target of the CEO’s ire.
Musk’s Twitter funding at over 50% of deal value
Musk’s total equity commitments for the Twitter deal are now at $27.5 billion- over half of the offered $43 billion, the SEC filing showed.
Other funding partners for the deal include Canada’s Brookfield, Fidelity Management and Sequoia Capital. Saudi Arabian Billionaire Al Waleed bin Talal Al Saud- one of Twitter’s largest current shareholders- has also committed nearly 35 million Twitter shares to the deal.
Twitter’s board recently accepted Musk’s offer after facing pressure from major shareholders. The per-share price offered by Musk represents an over 15% premium to the social media giant’s last trading price before the offer.
Twitter shares are still trading below the offer price of $54.20.
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