Elon Musk's Twitter acquisition receives support from crypto giant Binance and tech investor Sequoia Capital.
Binance, the largest crypto exchange in terms of daily trading volumes, and tech investor Sequoia Capital aim to finance Tesla CEO Elon Musk’s $44 billion Twitter buyout.
According to the news report written by The Information, Sequoia Capital has committed to fund the deal with $800 million. Sequoia Capital shared this information back in April. However, a person familiar with the matter noted that tech investor is not backing down from their promises.
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On the other hand, in the interview with Bloomberg, Binance founder and CEO Changpeng Zhao (CZ) stated that the funding of the Twitter buyout is the company's main priority for this year. Based on The Information report, Binance is ready to put $500 million into this deal.
Binance’s representative, when asked about the funding, stated that the company is “still committed and [has] nothing new to share at this moment.”
Besides Binance, the news has been surfacing that FTX’s owner and CEO, Sam Bankman-Fried, has recently contacted Musk with a proposal to finance the deal.
The news about Musk’s plans to acquire Twitter broke in April. Billionaire filed an SEC request to purchase the social media platform for $54.20 a share, making the total acquisition price $44 billion.
Since then, Tesla’s owner got cold feet and aimed to exit the deal. Musk claimed that Twitter “made false and misleading representations” about its fake accounts. Tesla’s CEO started legal proceedings against Twitter, stating that Twitter lacked transparency around fake accounts, business health, and spam bots.
However, it seems that Musk’s desire to acquire Twitter is back on track. On October 3rd, Musk’s lawyers filed a notice for the Delaware Chancery Court claiming that Elon Musk is ready to “proceed to closing of the transaction contemplated by the April 25, 2022 Merger Agreement.”
After the news, Elon Musk used Twitter to state that acquiring Twitter is a part of his plans to launch a new type of platform.
