Support for Musk’s $44 Billion Twitter Deal
Binance and Sequoia Capital are reportedly reaffirming their commitment to support Tesla CEO Elon Musk’s $44 billion acquisition of Twitter, with both firms maintaining their financial commitments to the deal despite previous halts and uncertainties.
Sequoia’s Investment History with Musk
Earlier in April, Sequoia Capital allocated $800 million towards Musk’s takeover bid. Sources claim that the firm intends to uphold this investment now that Musk has resumed the acquisition process.
Sequoia has a longstanding relationship with Elon Musk, being an early-stage investor in PayPal, which was eventually sold for $1.5 billion, and also led a $675 million funding round for Musk’s Boring Company in April.
Binance Reaffirms Support
Binance has also indicated its willingness to continue supporting Musk’s venture with a $500 million investment. A representative told Cointelegraph that the firm is committed to the deal, referencing Binance CEO Changpeng Zhao’s earlier statements on the potential of combining social media with Web3.
New Developments in the Acquisition
On October 3, Musk filed a notice with the Delaware Chancery Court, expressing his readiness to proceed with the purchase at the previously agreed price of $54.20 per share. This continues the rollercoaster saga of the Twitter acquisition, which has seen Musk shift his position multiple times.
Binance’s Broader Investment Strategy
This year, Binance has shown an increased interest in making substantial mainstream investments, including a $200 million stake in financial news outlet Forbes to enhance consumer understanding of crypto and blockchain. In total, Binance has invested approximately $325 million in 67 projects throughout the year, with intentions to exceed $1 billion in commercial investments.
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