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With CEO Changpeng ‘CZ’ Zhao calling it “small contribution to the cause”, cryptocurrency exchange Binance has chipped in $500 million to help Elon Musk finance his $44 billion Twitter takeover.
In a filing with the U.S. Securities and Exchange Commission (SEC) on Wednesday, the world’s largest crypto exchange by volume was in the list of involved equity investors.
Around $7.1 billion has been committed by 19 groups, which include a $800 million contribution by venture capital firm Sequoia Capital, Andreesen Horowitz putting aside $400 million and Fidelity Investments reserving $316 million to take the social media platform private again.
Musk, CEO of Tesla and SpaceX, is buying Twitter to turn it into the platform it was once intended for, a place where free speech flows. The billionaire is a notorious supporter of cryptocurrencies, especially Dogecoin.
Early April, upon breaking of the news that Musk made his offer, the Binance CEO said on Twitter:
And now ‘CZ’ shared the exciting new himself, a sensible investment for the firm with its strategy of expanding beyond the world of cryptocurrency.