Crypto.com NFT Adds Security Features and Collection Activity Filter
Search
Binance Invest $500M to Support Musk’s Twitter Purchase
May 7, 2022
MINS
BSC News
The exchange has committed to financially support the billionaire’s quest to purchase Twitter citing Musk has a ‘blank cheque.'
Binance Backs Musk's Twitter Move
Global cryptocurrency exchange Binance has confirmed its intention to invest $500 million in Twitter alongside Elon Musk as the Tesla billionaire seeks to obtain ownership of the social media platform.
The crypto giant published a press release confirming the move on May 5th. The ongoing saga of Musk’s Twitter purchase has undergone another interesting twist as Binance is among a consortium of 17 investors that includes venture capital firm Sequoia Capital, Oracle co-founder and Tesla board member Larry Ellison and investment firm Fidelity.
According to the Financial Times (FT), Musk has secured $7.14 billion of the $44 billion committed to the purchase. CEO Changpeng Zhao (CZ) posted on Twitter that the funds are a “small contribution to the cause”. The remainder of the funds will come through a combination of loans and equity. Other investors include Qatar’s sovereign wealth fund called the QIA and Saudi Prince Alwaleed Bin Talal bin Absulaziz al Saud, an existing Twitter investor.
According to FT, in an article CZ retweeted, Binance's CEO said that the investment deal came together in a short period of time. FT cites CZ saying:
“We, from our friends, heard that [Musk] was looking for third party investors, and are we interested? We immediately said that we are. He didn’t have a plan for Twitter. There isn’t, like, a business plan. So it wasn’t that type of discussion.”
CZ is also quoted as saying that the contribution from Binance is “more of a blank cheque.” Could this mean some sort of branding partnership or perhaps Binance becomes the exchange of choice for Twitter? It will be interesting to see how a crypto exchange fits into this equation and what the return on investment will be.
Don’t forget to download the BSC News mobile application on iOS and Android to keep up with all the latest news for BNB Chain and crypto!
Follow us on Twitter and Instagram!
For those looking for tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, Cryptonomics Explainers, and Trading Tool Kits from BSC News.
Check out the Web3Wire Linktree to keep up with all relevant Web3 and Crypto!
How would you rate this article?
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.
Author
Tags
Related News
Editors Choice
-NFTs-Mint-with-Special-Raffle-Offers-.png)
More Here
EN
© 2021 BSC NEWS. ALL RIGHTS RESERVED.
Download The BSC News App for Mobile
BSCNews is the first dedicated media outlet on Binance Smart Chain.
