Binance And Sequoia Capital Still Committed To Funding $1.3 Billion Elon Musk In Twitter Acquisition
Foxy - Coincu
Elon Musk‘s noisy Twitter acquisition will probably end shortly after an intense legal battle. Binance and Sequoia Capital, among the major investors in this acquisition, remain committed to funding Elon Musk’s $1.3 billion.
According to The Information, Binance has announced a contribution of around $500 million towards the purchase of Musk’s popular social media platform. A spokesperson directly from the company confirmed that the world’s leading cryptocurrency exchange will continue with its financing agreement for the exchange.
JUST IN: #Binance says they’re still committed to invest $500 million for Elon Musk's Twitter acquisition deal.— Watcher.Guru (@WatcherGuru) October 10, 2022
Besides, Sequoia Capital’s investment of 800 million in this deal also remains in place after Elon Musk’s latest offer to Twitter. A source close to Sequoia’s funding issue said that the company will not back down, and will remain on Musk’s side.
As mentioned in an earlier Coincu News article, on October 4th, Elon Musk proposed to buy Twitter with an initial offer of $54.20 per Share.
This decision was made after a lengthy legal battle when in April the billionaire changed his mind, did not want to make the acquisition agreement because he thought Twitter did not provide enough information for him and spam account rate is too large. Shortly after, Twitter also took legal action to force Musk to implement the agreement.