How Binance and Elon Musk Teamed Up for the Twitter Purchase

user avatar

by Giorgi Kostiuk

2 years ago

Backed by investors like Binance, Elon Musk acquired Twitter in 2022 for $44 billion. This article explores the deal's process and aftermath.

Elon's Path to Owning Twitter

Elon Musk's journey to acquiring Twitter began in April 2022 when he bought a 9.1% stake, becoming its largest shareholder. He soon offered to buy the entire company for $44 billion, aiming to turn Twitter into a free speech platform. Despite legal challenges, the deal was finalized on October 27, 2022, at the initial price, amidst concerns of overvaluation.

Chaos at Twitter Post-Acquisition

Following the acquisition, Elon Musk implemented drastic changes at Twitter, such as laying off half the staff and altering content policies. These moves increased hate speech and misinformation, leading advertisers to flee and causing a sharp decline in ad revenue. The company's valuation plummeted to $15 billion, burdened by significant debt obligations.

Who Bankrolled Elon's Venture?

The $44 billion deal was funded through Musk's wealth, bank loans, and investments from key figures. Notable backers included Oracle's Larry Ellison and Prince Alwaleed bin Talal. Musk also sold billions in Tesla stock and secured $12.5 billion in loans. Despite the debt load, Musk aims to transform X into an 'everything app' like WeChat, though the path to execution is fraught with challenges.

Elon Musk's Twitter acquisition was a complex process with unpredictable outcomes. While Musk seeks to turn X into a super app, the journey is laden with significant challenges.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

ShredPay Partners with Jack Henry to Enhance Digital Asset Integration

ShredPay partners with Jack Henry to enable banks and credit unions to access stablecoin and digital asset services.

user avatarLi Weicheng

Strive Increases Bitcoin Holdings to 26,355 BTC

Strive has disclosed a purchase of 1,355 BTC, raising its total Bitcoin holdings to 26,355 BTC.

user avatarAisha Farooq

Broadcom Set to Gain from Alphabet's Custom TPU Sales

Broadcom is set to benefit from Alphabet's decision to sell custom TPUs to external data centers, enhancing its AI semiconductor revenue through a long-term agreement until 2031.

user avatarBayarjavkhlan Ganbaatar

Alphabet Enters Hardware Market with Custom TPUs for Data Centers

Alphabet announces the sale of its custom-made Tensor Processing Units (TPUs) to external data centers, marking a significant move into hardware sales.

user avatarTenzin Dorje

CoinsBee and TRON DAO Launch Discount Campaign for USDT Payments

CoinsBee, in collaboration with TRON DAO, is launching a campaign that offers eligible users a 2% discount on purchases made with USDT on TRON.

user avatarMohamed Farouk

USDT on TRON Surpasses Bitcoin as Most Used Payment Method on CoinsBee

USDT TRC20 on the TRON network has become the most used on-chain token and payment option on CoinsBee, surpassing Bitcoin and Ethereum in payment activity.

user avatarElias Mukuru

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.