Tesla Inc. CEO Elon Musk has landed backers for his buyout of social media platform Twitter Inc.
What Happened
Agreements were reached with 19 total investors, including 18 new companies to help facilitate Musk’s $44 billion buyout of Twitter.
Among the investors were two names that are well known in the cryptocurrency space: Binance and a16z.
Cryptocurrency platform Binance is contributing $500 million towards the acquisition.
“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,” CEO Changpeng Zhao told The Block Crypto. He called the $500 million “a small contribution to the cause.”
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