First of all, if Musk has indeed reached an agreement to buy the social network for 44 billion dollars, this deal is not yet finalized. On the other hand, Elon Musk is not really the only one to buy Twitter.
Indeed, the boss of Tesla must raise funds to finance this takeover. Moreover, at this stage, some Twitter investors still doubt that this takeover will succeed, which is visible on the recent fluctuations in the action of the social network on the stock market.
Nevertheless, Elon Musk is very serious about his plan to buy Twitter and take the company off Wall Street. A week ago, for example, we learned that Musk sold 4.4 million Tesla shares, worth $4 billion.
But in addition to committing his personal fortune, Musk also relies on investors. And for example, recently, we were able to learn via documents from the SEC (the American financial policeman) that 19 entities have committed to financing the acquisition of Twitter, for a total of 7.1 billion dollars. These investors include venture capital firm Sequoia, Qatar’s sovereign wealth fund, and cryptocurrency exchange Binance.
Binance among Elon Musk’s backers for Twitter takeover
It should be noted that while some people are concerned about the impact that the acquisition of Twitter by Elon Musk will have on moderation on Twitter, others support this operation. Among those backers is Twitter founder and former CEO Jack Dorsey.
A few days ago, he indicated that he trusts Musk to lead the social network. “As a matter of principle, I don’t believe anyone should own or run Twitter. The network wants to be a public good at the protocol level. However, Elon is the only solution I trust. I have confidence in its mission to carry the light of conscience further”he said.
“Elon’s goal – to create a platform that ‘as many people trust as possible and that will be broadly inclusive’ – is the right one. This is also Parag Agrawal’s goal and that is why I chose it. Thank you both for getting the company out of this impossible situation”he also said.
Changpeng CZ Zhao, the boss of the cryptocurrency exchange Binance, is also in favor of the takeover of Twitter, which is why his company is contributing to this operation. In April, in reaction to the announcement of Elon Musk’s offer to buy the social network, Zhao suggested that Elon Musk should take Twitter out of the exchange, issue a token and decentralize the platform.
Privatize it, issue a token, decentralize it.
Cost per blue tick accounts to reduce spam/scam. NFTs, metaverse… https://t.co/Ws3b9uXzbG
— CZ 🔶 Binance (@cz_binance) April 14, 2022
Moreover, according to the explanations of a representative of Binance quoted by the Coindesk site, this participation of up to 500 million dollars involves the company “as a supporter of Elon Musk’s plans for Twitter and as an investor. »
“A small contribution for the cause”meanwhile, tweeted Zhao, after the engagement was made official.
A small contribution to the cause. https://t.co/xD9XZxOWfL
— CZ 🔶 Binance (@cz_binance) May 5, 2022
The boss of Tesla is known to be favorable to cryptocurrencies, such as Dogecoin or Bitcoin.
Moreover, as the Coindesk site notes, after the formalization of Binance’s commitment, the Binance coin or BNB price (the crypto of the exchange) experienced a slight increase against the dollar, before stabilizing. .
