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Sunday, December 4, 2022

Twitter Deal Of Elon Musk Is Being Backed By Binance

Sequoia Capital, a tech investor, and Binance have been backing the Twitter deal that Elon Musk put up a few months back. This deal envisioned that Musk would be taking over the social media company after a payment of $44 billion. The tech investor has already put out $800 million in the bank to the deal in April but it was then that Elon Musk got cold feet.

The Lucrative Twitter Deal

According to an anonymous source quite close to the event, the firm would be keeping that capital allocation in order to support the deal now that is again gaining highlights recently. Binance has also put out its feelers where it stated that it would be carrying on with a contribution of $500 million, with a Cointelegraph representative stating that they were still committed and there was absolutely nothing to share recently. 

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At the beginning of the month, it had been all over the news that Elon Musk had brought out another card from his pocket as he filed a notice with the Delaware Chancery Court on the 3rd of October- indicating that he was ready to get back with the Twitter deal that had been rendered incomplete in the 25th of April, 2022.

If this deal does go through now, the purchase would be for a sum of $54.20 per share, for a total of $44 billion. The tech investor, Sequoia Capital has had a longstanding history of backing most of Elon Musk’s endeavors, as the firm was one of the earliest investors in PayPal, the company that Musk sold for $1.5 billion back in 2022. 

Along with the highlighted Twitter deal that could finally see the light of day, Binance has been taking big steps in mainstream deals this year. Bloomberg recently reported that the company had splurged around $325 million on 67 projects this year. CZ also went on record to state that the firm could easily spend more than $1 billion this year on most of its commercial investments. 

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