BREAKING: Binance commits $500 million to finance Elon Musk’s Twitter takeover
Written by Broad Admin on May 5, 2022
Cryptocurrency exchange Binance has committed $500 million to finance Elon Musk’s $44 billion takeover of social media platform Twitter (TWTR).
According to an updated Schedule 13D filing with the U.S. Securities and Exchange Commission (SEC) filed on Wednesday, the world’s largest crypto exchange was among the equity investors for the deal.
A Schedule 13D is a form which must be submitted to the SEC when an entity acquires more than 5% of a company’s equity shares.
Shares of Twitter were up nearly 3% in pre-market trading, while tokens of BNB Chain (BNB) pumped from $399 to $414 following news of Binance’s commitment.