Top cryptocurrency news on May 7: The biggest moves in Bitcoin, crypto investments and more


Binance, Sequoia, 19 others commit billions to back Elon Musk’s Twitter takeover

Venture capital firm Sequoia Capital committed $ 800 million while cryptocurrency exchange Binance committed $ 500 million to finance Elon Musk’s takeover of Twitter, reported Coindesk. Binance founder Changpeng “CZ” Zhao referred to the commitment as “a small contribution to the cause”. Apart from Binance and Sequoia Capital, 19 other parties have also put side round $ 7.1 billion with investment firm Fidelity has committed $ 316 million for the takeover, the report stated. Saudi Arabian investor Prince Alwaleed bin Talal, who had initially opposed the buyout, also agreed to roll his $ 1.89 billion stake into the deal rather than cashing out, a filing showed. Read more here