On Thursday, May 5, Elon Musk filed an amended general statement for his acquisition of Twitter, which included a “small contribution” of $500 million USD from the Binance cryptocurrency exchange.

A small contribution to the cause. https://t.co/xD9XZxOWfL

— CZ ? Binance (@cz_binance) May 5, 2022

The evaluation of the size of the contribution by Changpeng “CZ” Zhao, the CEO of Binance, is a fair one — with the total aggregate equity commitment sitting at roughly $7.2 billion USD. Other co-investors include Fidelity and Sequoia Capital Fund, which each contributed $316 million USD and $800 million USD respectively. The biggest contributor amongst the co-investors was the Lawrence J. Ellison Revocable Trust, which has committed $1 billion USD.

The exact “cause” that Zhao was referring to in his tweet is not clear, however, it could be referring to Musk’s pledge to rid Twitter of spambots often found in the cryptocurrency and NFT spaces of the app. Twitter is also working on creating decentralized social media networks through its Bluesky project, which aims to “develop an open and decentralized standard for social media.” Earlier this week, the project saw the release of its first code dubbed Authenticated Data Experiment (ADX).

While the progress is significant, developers are still in the early stages of developing the technology. “Before you get too excited: this isn’t a launch! There’s no app or network, there’s only a command-line for testing. We’re releasing this to work in the open and share our progress,” Bluesky tweeted on Wednesday.

In other Crypto news, the Hawaiian government approves a crypto task force.