Binance Pledges $500 Million To Elon Musk Twitter Acquisition

The world's largest cryptocurrency exchange, Binance, has pledged $500 million to the $44 billion Elon Musk is putting up to buy Twitter, according to a filing with the SEC.

CEO of Binance & active Twitter user, Changpeng Zhao, shared the news on the platform naming the act "a small contribution to the cause."

The 13D filing shows that DFJ ($100 million), Fidelity ($316 million), Qatar Holding ($375 million), Andreessen Horowitz ($400 million), and Sequoia Capital ($800 million), as well as other investors, have all donated to Musk’s acquisition of Twitter. The biggest contributor is Larry Ellison who put up $1 billion. This puts the total backing at around $7.1 billion.

The 13D must be filed when a person acquires more than 5% of a company, in this case, Musk is looking to retain 100%.

The list of investors having a variety of crypto-related corporations should surprise no one as almost all blockchain talk happens on the social media platform.

This all began in early April, when Elon bought a 9.2% stake in Twitter, being added to the board of directors shortly thereafter, with him rescinding the positions even faster than it was given to him.

He went on to proposition taking over the platform completely on April 25th, with a bid starting at $43 billion. Sometime later, Twitter accepted the offer though at a slightly higher price of $44 billion.

"Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated," Musk said in a statement following the accepted offer, adding: "Twitter has tremendous potential—I look forward to working with the company and the community of users to unlock it."

The Space X CEO plans to unlock Twitter’s "tremendous potential, seem to include making its code open source, solving its horrible spam bot problem, and integrating a much-lauded edit feature.

With the platform being open source individuals could add crypto-related components to its new list of features. This is especially tantalizing for Dogecoin holders who have adopted the new Twitter owner as a sort of unofficial face for the coin. Speaking at a TED conference on April 14th, the Tesla founder teased adding DOGE payments for Twitter Blue subscribers.

As of right now not much else is known about Mr. Musks’ plans for Twitter, we can only speculate and wait as the deal still has a chance of falling through.