After several weeks of talks, Elon Musk has finally reached the agreement to buy Twitter. The boss of Tesla acquired the social network for 44 billion dollars. He was quick to indicate that he was the new head of the company by updating his description on Twitter. Now, one wonders if crypto exchange Binance participated in the acquisition of the platform as it promised.
Binance confirms its investment for the acquisition of Twitter
Crypto exchange, Binance is among the biggest crypto entities that backed Elon Musk’s decision to acquire Twitter. He is one of the first to announce himself as future backers of the owner of Tesla. He said he would help Musk acquire all of Twitter’s shares by paying him the sum of 500 million dollars.
Later, the exchange claimed: Our initial commitment remains the same and we look forward to exploring opportunities to grow the partnership in the future. “. Now that the takeover agreement has been concluded, we learn that Binance has kept its promise. A article ofThe Blockindicates that the exchange has confirmed Friday that he participated in the acquisition of Twitter by Musk.
“We are thrilled to be able to help Elon realize a new vision for Twitter. We want to play a role in bringing social media and Web3 together to expand the use and adoption of crypto and blockchain technologyexplained Binance CEO Changpeng Zhao in a recent statement.
A look back at the events that led to the finalization of the agreement
Musk had sent a takeover proposal to Twitter, and the company said it was accepting it in April. But, the owner of Tesla was then less enthusiastic about the idea of buying the company. He has wanted to terminate the agreement alleging that the company failed to provide accurate information about the number of spam messages contained on its platform. Not happy with this turnaround, Twitter decided to sue Elon Musk.
For avoid a legal battle, the latter declared that he was ready to reconsider his decision. A Delaware chancery court judge has ruled that the Tesla boss must close the deal by Oct. 28 or risk facing a lawsuit. This is how Elon Musk finally bought out one of the most influential social networks in the world.
Elon Musk has just acquired Twitter for $54.20 per share, for a total of $44 billion. 18 investors, including Binance, participated in the Tesla CEO acquisition. Binance paid out exactly $500 million to support Musk.
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