Binance and Sequoia Support Elon Musk Acquisition of Twitter
Binance and Sequoia Support Elon Musk Acquisition of Twitter.
The Twitter deal has been re-opened this month, and Binance told Cointelegraph its aim is to support Web3 adoption through this deal.
Elon Musk’s $44 billion bid to take over Twitter is still being backed by cryptocurrency exchange Binance and tech investor Sequoia Capital.
Sequoia Capital Commits to Back The Bid of Twitter
An $800 million commitment had already been made by Sequoia Capital back in April before Musk later backed out of the deal.
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This capital allocation will remain in place as the deal reportedly returns this month, according to an unnamed source familiar with the matter.
Musk’s ventures have been supported by Sequoia Capital, which invested early in PayPal, the payment platform he co-founded and sold in 2002 for $1.5 billion. In April, Musk’s Boring Company received $675 million in funding from the firm.
Binance Also Will Carry Its Contribution
Additionally, Binance indicated it will continue to contribute $500 million, with a representative telling Cointelegraph that “nothing new to share ” at this time in reference to Changpeng “CZ” Zhao’s tweets from May.
“We hope to be able to play a role in bringing social media and Web3 together and broadening the use and adoption of crypto and blockchain technology.”
On Oct. 3, Musk filed a notice with the Delaware Chancery Court, signaling yet another abrupt U-turn which indicates that he is poised to proceed with the “closing of the transaction contemplated by the April 25, 2022 Merger Agreement.”
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It is expected that the purchase will be completed for the $54.20 per share initially agreed upon for a total of $44 billion if the deal goes through.
Earlier this year, Binance made a $200 million strategic investment into financial news outlet Forbes, aiming to increase consumer understanding of crypto and blockchain technology.
Binance has splurged $325 million on 67 projects this year in addition to the $500 million it is spending on Musk’s Twitter takeover, Bloomberg reported last week. According to CZ, the firm may invest over $1 billion in commercial ventures this year.