According to a U.S. 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 meager contribution to the cause.”
Binance was involved in the Twitter buyout
Cryptocurrency buying platform Binance participated in $500 million for Elon Musk’s buyout of Twitter as of April 25.
According to the U.S. Securities and Exchange Commission (SEC) document, Binance participated alongside 17 other investors.
We also find investment funds accustomed to the cryptocurrency ecosystem, including Sequoia Capital, which participated with $ 800 million, Fidelity with $ 316 million or a16z (Andreessen Horowitz), for $ 400 million.
The SEC document, which is equivalent to 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 disclosed, Changpeng Zhao, the CEO of Binance, tweeted that it was “a small contribution to the cause.
An exit to be put in parallel with his previous tweet dated April 14, when Elon Musk had made his initial proposal to buy Twitter, where he had said about it:
“Privatize it, release a token, decentralize it. Add a cost to verified accounts to reduce spam and scams. NFTs, metaverse…”
The Tesla CEO had indicated that after buying Twitter, he would make the platform a completely 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, rising from $400 to $410, before falling back to its current price of $404. Dogecoin (DOGE), billionaire Elon Musk’s favorite memecoin, however, was not impacted by the news.