Skip to main content

Binance Backs Elon Musk’s Deal to Take Twitter Private

Author:
Publish date:
Video Rating:
TV-G
Video Duration:
1:01

The world’s largest crypto exchange by trading volume is getting some skin in the game in Elon Musk’s deal to take Twitter  (TWTR) - Get Twitter, Inc. Report private. In an SEC filing from Musk, Binance was listed among the groups backing the $44 billion price tag. Fellow backers include Sequoia Capital, Qatar’s Sovereign Wealth Fund and others.

Musk is also in continued discussions with Twitter founder Jack Dorsey, according to the release.  

Ross Mac of Macononics broke down Binance’s role in the latest episode of the Crypto Minute on TheStreet.

FULL VIDEO TRANSCRIPT BELOW:

Elon Musk is in the process of lining up investors to help him take Twitter private, and one of the names is a heavyweight in the crypto world.

It’s your boy Ross Mac and this is what cryptocurrency investors are watching on Thursday, May 5.

Binance, the world's largest cryptocurrency exchange by trading volume, is one of the investors that will help Elon buy Twitter and take it private.

In a new SEC filing, Musk revealed he has commitments from Binance, Sequoia Capital, and Qatar’s Sovereign Wealth Fund, among others. The equity commitment will cut Elon’s margin loan in half to roughly $6 billion. He will pay a total of $44 billion if the deal is accepted by regulators and shareholders.

According to the filing, Musk also continues to have talks with former CEO Jack Dorsey to possibly bring him on as an investor.

It’s your boy Ross Mac and that was the Crypto Minute on TheStreet.

TheStreet's Crypto Minute is brought to you by Blockchain.com.

Related Videos