The exchange will have an obligation to pay at the time of acquisition or before. Last February, Binance managed to become the most prominent exchange in Forbes.
The CEO of Tesla, Elon Musk, had a companion in his desire to carry out the acquisition of Twitter. And among those supporting him is the most prominent bitcoin and digital currency exchange worldwide: Binance.
The exchange approved the contribution of at least 500 million dollars to acquire the social network. That money takes part of a fund of 7,139 million that possessed the commitments of a dozen or more participants, as shown by the files given by Musk to the SEC.
This money splits into at least 5,240 million enacted by a group of investors and the possible retaining of at least 35 million shares by Alwaleed Bin Talal Bin Abdulaziz Alsaud, a Saudi prince. All those hares run in parallel with just under 1,900 million dollars, which would set a completion on collecting a sum close to 7,139 million.
The total amount for the fund runs in parallel with about one-sixth of the total $44 billion that Musk put on the table to acquire Twitter. On the other hand, the CEO of Binance, Changpeng Zhao, expressed on the social platform that the amount offered by the entity is just a tiny contribution to the cause.
In February, before this investment took effect, the Zhao exchange had already become the most prominent shareholder of the specialized media Forbes. Counting on a capital investment registered at 400 million dollars, Binance managed to take control of at least 50% of the public sale of the mentioned magazine. The same magazine that years earlier had received charges alleging defamation.
Binance pointed out in the lawsuit that a report revealed by Forbes on Oct. 29 got filled with numerous false, misleading, and defamatory statements. The media outlet published an article denouncing that the company had designed a strategy to evade regulations in the United States.
The 12-page document reads that all these statements and the complete list of words in the article provided are false and defamatory. Neither Binance nor anyone on its behalf generated the alleged 2018 slideshow presented in the report.
The company claims compensation for damages and gets granted permanent measures to prevent the defendants from making the same defamatory statements” that the published article removed. This resolution leads to the costs of the trial and any other compensation that the court sees as appropriate.
Binance had previously requested a public apology from reporters for the release of the note. However, in the lawsuit, the defendants or the media did not answer the request.
By: Jenson Nuñez