Binance Funds Elon Musk’s Twitter Acquisition With $500 Million

Leading global cryptocurrency exchange Binance has joined the list of companies that have invested in the recent $44 billion acquisition of Twitter made by the Tesla CEO, Elon Musk.

Binance Provides $500 Million

The move was revealed in a Schedule 13D Securities and Exchange Commission (SEC) filing on Wednesday. The Schedule 13D is a filing that must be submitted to the regulator within 10 days by any individual who purchases more than 5% of a public company’s shares.

Following the funding from Binance and 16 other top investment companies, including Fidelity Management & Research Company and Qatar Holding, Musk has reportedly been able to raise $7.14 billion from the $44 billion amount for Twitter acquisition.

BNB Pumps

Many crypto users seemed impressed with the move made by Binance, with some anticipating a possible pump in the price of Binance Coin (BNB) shortly after the news.

Interestingly, BNB did not disappoint. The cryptocurrency gained 7% after the $500 million funding from Binance was publicized. At the time of writing, BNB is trading at around $410.

Binance Expansion 

Binance, the leading crypto platform, has continued to invest in various regions and industries to increase crypto awareness and boost the adoption of crypto around the world.

In February, the exchange made a $200 million strategic investment in the American business magazine Forbes and Magnum Opus Acquisition Limited, taking two seats among the board of directors in Forbes.

Last month, the company, alongside popular crypto exchange FTX, acquired Middle East licenses to operate in the MENA regions. 

Earlier today, Coinfomania reported that the exchange has received approval from the French Financial Service Coordinator, Autorité des marchés financiers (AMF). With this license, Binance is authorized to offer crypto and digital asset services in France.  The development comes shortly after CZ had pledged to invest $108 million in the country.