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Binance, Sequoia Among Investors Backing Musk's Takeover of Twitter

Jamie Crawley
Aggiornato ·2 minuto per la lettura

Don't miss CoinDesk's Consensus 2022, the must-attend crypto & blockchain festival experience of the year in Austin, TX this June 9-12.

Cryptocurrency exchange Binance committed $500 million and venture capital firm Sequoia Capital $800 million to help finance Elon Musk's $44 billion takeover of social media platform Twitter (TWTR).

Around $7.1 billion has been committed by 19 different parties with Fidelity putting aside $316 million for the takeover

Musk, who founded electric car maker Tesla (TSLA), has agreed to buy Twitter and had said that he wants the platform to be a proponent for free speech. The billionaire is also a known supporter of cryptocurrencies, like dogecoin (DOGE) and bitcoin (BTC).

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According to an updated Schedule 13D filing with the U.S. Securities and Exchange Commission (SEC) on Wednesday, the world's largest crypto exchange was among the equity investors for the deal. A Schedule 13D is a form that must be submitted to the SEC when an entity acquires more than 5% of a company's equity.

Binance founder Changpeng "CZ" Zhao referred to the commitment as "a small contribution to the cause" in a tweet after the news emerged. Following Musk's initial offer to buy Twitter last month, Zhao tweeted that Musk should "Privatize it, issue a token, decentralize it," adding that a priority should be to reduce spam and scams on the platform.

A Binance spokesperson told CoinDesk that the exchange's involvement is "as a supporter of Elon Musk's plans for Twitter and an investor."

Musk's takeover has also been endorsed by Twitter founder Jack Dorsey.


Shares of Twitter were up over 2% to $50.12, while shares of Tesla were down 0.6% to $946.98 in premarket trading.

Binance coin (BNB) jumped from $399 to $414 following news of Binance's commitment, before settling at about $407 at the time of writing. BNB is used within Binance and on BNB Chain, a decentralized network that allows for the creation of decentralized finance (DeFi) applications.

Read more: Dorsey Praises Musk's Twitter Buy: 'Elon Is the Singular Solution'

UPDATE (May 5, 11:22 UTC): Updates headline and lead. Adds additional details throughout.

UPDATE (May 5, 11:54 UTC): Adds comment from Binance in sixth paragraph. Updates share price and adds background.