The Binance CEO said the company wired $500 million to take a share of equity as Elon Musks Twitter takeover is finally sealed. 1513 Total views 39 Total shares Listen to article 0:00 News Binance CEO Changpeng CZ Zhao says the company followed through with a $500 million commitment to back Elon Musks high-profile Twitter takeover.
Musk reportedly sealed the deal on Oct. 27, with a handful of Twitter executives escorted to the door as the new owner of the social media platform cleaned house.
Dear Twitter Advertisers pic.twitter.com/GMwHmInPAS Elon Musk (@elonmusk) October 27, 2022
Binance had indicated that it would co-invest in Twitter inMay 2022, alongside 18 other investors that included the likes of cryptocurrency investment firms Sequoia Capital Fund, Fidelity Management and Research Company.
Related:How Crypto Twitter could change under Musks leadership
Binances founder confirmed on Oct. 28 that the company had indeed put its money on the table as Musk finalized his ownership of Twitter. CZ took to the newly-owned platform to confirm that the company had wired the funds earlier in the week.
Our intern says we wired the $500 million 2 days ago, probably just as I was being asked about Elon/Twitter. https://t.co/gM65GHUnZC CZ Binance (@cz_binance) October 28, 2022
Commenting on questions in the thread, CZ said that he was not involved in facilitating the transaction himself and joked that he thought the transaction had been processed through traditional banking means and not over a blockchain or cryptocurrency transaction.
Binances $500 million stake in Twitter makes it the fourth biggest contributor to the takeover. The Lawrence J. Ellison Revocable Trust invested $1 billion to make it the biggest contributor to the Musk-led acquisition of the social media platform.
Cointelegraph has reached out to Binance to ascertain the finer details of its Twitter investment, itstotal shareholdings and other potential partnerships entailed. #Twitter #Business #Adoption #Changpeng Zhao #Binance #Elon Musk Related News What is impermanent loss and how to avoid it? Potential US ban is a reminder that influencers should dump TikTok Bitcoin miners rethink business strategies to survive long-term Binance, Sequoia still backing Elon Musks bid for Twitter A stablecoin’s rise in market share has ignited the Second Great Stablecoin War
