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Binance and tech investor Sequoia Capital are reportedly still backing Tesla CEO Elon MUSK's $44 bln acquisition of Twitter. Sequoia Capital already committed $800 mln to the deal back in April 2022. The deal is expected to close this month.
Sequoia Capital has always been supportive of Musk's efforts, as it was an early investor in what would eventually become PayPal, the payment platform he co-founded. It was sold for $1.5 bln in 2002. The firm also led a $675 mln funding round for Musk's Boring Company in April.
Binance has been keeping a close eye on major deals this year, having previously invested $200 mln in financial news portal Forbes in an effort to improve consumer understanding of crypto and blockchain. In addition to $500 mln to support Musk's acquisition of Twitter, Bloomberg reported last week that Binance has spent $325 mln on 67 projects this year. Changpeng Zhao also said the firm intends to spend more than $1 bln on commercial investment this year.
Image: Xataka