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Binance, 17 Other Giant Organisations Back Elon Musk’s Twitter Deal

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Binance and 17 other giant organisations have backed world’s richest billionaire, Elon Musk’s bid to buy micro-blogging site, Twitter.

In fact, Binance plans to invest about $500 Million to Twitter as an equity investor alongside Elon Musk in the Twitter buyout.

The cryptocurrency exchange made the announcement on Thursday.

What You Must Know:

Elon Musk has been in talks with Twitter’s board to buyout the social media platform and make it private.

He first started by conducting a poll where he asked his followers if Twitter stifled free speech.

He had also asked his followers if Twitter should have an open source algorithm.

Some people urged him to buy the social media app.

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Last month, in April, news broke that Musk had become the largest shareholder at Twitter after buying a 9.2% stake.

While the world was still trying to settle with the breaking news, Musk dabbled with the idea of joining Twitter’s board.

However, when the offer came to him to join, he declined.

But before the world could chew that, he threw the bomb of planning to buy Twitter.

Expectedly, Twitter’s board introduced preventive measures, including a “poison pill” that, however, failed to prevent the billionaire from buying Twitter.

However, despite some criticisms and uncertainties, reports emerged in late April, claiming that Twitter had ultimately accepted a $44 billion bid from Musk.

More revelations:

Meanwhile, revelations from an updated Schedule 13D filing with the US financial watchdog showed that 18 firms backed Musk.

Among the companies include venture capital from Sequoia Capital.

Also, among the firms  are those with cryptocurrency links, and one of them is Binance.

The updated filing with the U.S Securities and Exchange Commission shows that numerous large organisations, including investment firm, fidelity, also backed Musk to buyout Twitter.

Sequoia Capital had allocated $800 million while Fidelity invested just over $316 million.

Confirming the report on Thursday, the cryptocurrency exchange, Binance, said it plans to bring social media and web3 together.

According to Changpeng Zhao, Binance’s CEO, “We’re excited to be able to help Elon realise a new vision for Twitter. ”

He also added saying, “we hope to be able to play a role in bringing social media and web3 together and broadening the use and adoption of crypto and blockchain technology.”

Meanwhile, shortly after the announcement, the native cryptocurrency of the Exchange jumped to a 2-week high.

BNB jumped by nearly 5%  to become $410.

Implications:

With Binance joining Twitter, users might soon be able to trade crypto on the platform.

Also, the platform will integrate Web3 with the social media platform, giving users greater value.

Anthony Chinonso Ogbonna is the editor of Techuncode media. He is a seasoned journalist whose stint cuts across broadcast, print and, especially, the online media. A graduate of Mass Communication from the University of Nigeria, Nsukka (UNN), Anthony holds a Masters Degree in Multimedia Journalism. He aligns his belief with those of world tech communities, holding tenaciously that the world is solely driven and can only be best with tech. Furthermore, Anthony believes that technology is simple, fun and is not what one, especially Africans, should be scared of, hence, his passion for telling compelling stories about tech in ways relatable to the ordinary user. He has his hobbies in reading and designing (new hobby though.)

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