Binance provides funding to Elon Musk's acquisition of Twitter

According to a report published on Thursday, the crypto trader Binance is one of a dozen outside investors who support Elon Musk's $44 billion acquisition of Twitter.

An amended 13-D submitted with the Securities and Exchange Commission revealed an investment of $500 million from Binance.

The venture capital company Sequoia has pledged $800 million. Fidelity has offered $316 million, and A16z was allotted $400 million

The total equity commitments in the report total around $5.2 billion. Saudi Arabian billionaire Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, An investor in the company, has also decided to keep 34.9 million shares.

"We're happy to work with Elon create a fresh concept to Twitter," Binance CEO Changpeng Zhao told The Block. "We are hoping to be a part of connecting web3 and social media together and increasing the application and use of blockchain technology and cryptography."