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Binance commits $500M for Elon Musk's takeover
Crypto exchange Binance has pledged $500 million to support Elon Musk's $44 billion takeover bid. Musk also received $800 million from Sequoia Capital, $316 million from Fidelity, and $400 million from a16z. These details were revealed via a Schedule 13D form, which must be filed with the SEC when an entity acquires more than 5% of a company's equity shares.In response to the announcement, Binance CEO Changpeng Zhao tweeted, "A small contribution to the cause," implying that he believes in the changes Musk wants to make to Twitter. Binance also made a $200 million strategic investment in Forbes earlier this year, so this isn't the first time it's taken a stake in a media company.
Twitter takeover
Elon Musk agreed to buy Twitter for $54.20 per share in April. The transaction, which will turn Twitter into a privately held company, is expected to close this year, subject to stockholder and regulatory approval.Musk has stated he plans to open source Twitter's algorithm to make it a more inclusive space for free speech. He also stated that he would attempt to combat spam and bot accounts.
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