Binance said independently on Thursday that it "plans to contribute $500 million in Twitter buyout alongside Elon Musk." Changpeng Zhao (CZ), the company's CEO, said:
“We’re excited to be able to help Elon realize a new vision for Twitter … 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.”
Fidelity Investments has long been a proponent of bitcoin, describing it as "a superior form of money." The financial services behemoth announced the debut of crypto and metaverse exchange-traded funds (ETFs) in April, as well as the possibility of bitcoin investments in 401(k) retirement plans.
Larry Ellison, co-founder of Oracle Corp. and a Tesla board member, made the greatest financial investment. He promised to put $1 billion towards the project.
Sequoia Capital is a cryptocurrency-friendly venture capital firm. In February, the company announced the establishment of a cryptocurrency-focused fund worth up to $600 million, and it has worked with some of the industry's biggest names, including FTX CEO Sam Bankman-Fried and former Twitter CEO Jack Dorsey.