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Binance, Sequoia backing Elon Musk’s bid for Twitter

Binance has also stated that it will continue to make its $500 million commitment

Binance, Sequoia backing Elon Musk’s bid for Twitter
If the transaction is successful, the purchase price will be the initially agreed upon $54.20 per share, or $44 billion

Elon Musk, the CEO of Tesla, is apparently still seeking to acquire Twitter for $44 billion with the support of cryptocurrency exchange Binance and tech investor Sequoia Capital, as reported by Cointelegraph.

According to Cointelegraph, before Musk later changed his mind, Sequoia Capital had already committed $800 million to the deal back in April. An unnamed source acquainted with the situation claims that the company will maintain its cash allocation to support the deal now that it is apparently coming back this month.

Binance has also stated that it will continue to make its $500 million commitment, with a spokesman telling Cointelegraph that “we’re still committed and nothing new to report at this time” in reference to Changpeng “CZ” Zhao’s tweets from May, “We hope to be able to play a role in bringing social media and Web3.0 together and broadening the use and adoption of crypto and blockchain technology.”

By filing a notification with the Delaware Chancery Court on October 3 signalling that he is prepared to move through with the “closing of the transaction envisioned by the April 25, 2022 Merger Agreement,” Musk reportedly made another unexpected U-turn at the beginning of October. If the transaction is successful, the purchase price will be the initially agreed upon $54.20 per share, or $44 billion, Cointelegraph noted.

(With insights from Cointelegraph)

Also Read: Fake Solana wallet security update trying to steal crypto

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First published on: 11-10-2022 at 04:13:24 pm