According to a US Securities and Exchange Commission (SEC) filing, many investors and venture capital firms backed Elon Musk’s purchase of Twitter, including Binance. Changpeng Zhao, the platform’s CEO, said it was “a small contribution to the cause. “
Binance participated in Twitter buyout
Cryptocurrency buying platform Binance contributed $500 million to Elon Musk’s April 25 buyout of Twitter.
According to the US Securities and Exchange Commission (SEC) filing, Binance participated alongside 17 other investors.
There are also investment funds familiar with the cryptocurrency ecosystem, including Sequoia Capital, which participated with $800 million, Fidelity with $316 million and a16z (Andreessen Horowitz) with $400 million.
The SEC document, which is a Form 13D, must be filed with the agency within 10 days when a company acquires more than 5% of the publicly traded securities of a public company.
Shortly after the information was leaked, Changpeng Zhao, the CEO of Binance, tweeted that it was “a small contribution to the cause”.
A small contribution to the cause. https://t.co/xD9XZxOWfL
– CZ Binance (@cz_binance) May 5, 2022
An exit to be contrasted with his earlier tweet on April 14, when Elon Musk made his initial proposal to buy Twitter, where he said on the subject:
Privatize it, release a token, decentralize it. Add a cost to verified accounts to reduce spam and scams. NFTs, metaverse… “
Tesla’s CEO had said that after buying Twitter, he would make the platform a totally free speech place, tackle the bots that swarm the network, and unveil the algorithm of the famous social network used by more than 320 million people worldwide.
The price of the BNB token rose by $10 following the news, from $400 to $410, before falling back to its current price of $404. Billionaire Elon Musk’s favourite memecoin, Dogecoin (DOGE), however, was not impacted by the news.
