Changpeng Zhao Binance Confirms $500 Million Equity Investment in Musk’s Twitter Takeover

Changpeng Zhao Binance Confirms $500 Million Equity Investment in Musk’s Twitter Takeover

Binance’s CEO, Changpeng Zhao, has confirmed that the world’s largest cryptocurrency exchange was an equity investor in the $44 billion takeover of Twitter by the technology entrepreneur Elon Musk.

Binance Wired $500 Million to Elon Musk

As earlier reported, Binance initially announced in May that the crypto exchange would commit $500 million to Musk’s Twitter deal, which he first announced in April, but was delayed by several back-and-forths, as well as lawsuits.

With Elon Musk completing the deal in the late hours of Thursday, Binance’s CEO took to Twitter to announce that his company had “wired the $500 million 2 days ago” to Musk. CZ tweeted;

Binance’s $500 million equity investment in Twitter makes it the fourth biggest contributor to the takeover, with the Lawrence J. Ellison Revocable Trust investing $1 billion to be the biggest investor.

Broadening the Adoption of Crypto and Blockchain

In an email statement confirming Binance as an equity investor in the microblogging service, CZ announced that the company was “excited to be able to help Elon realize a new vision for Twitter.”

CZ also explained in the statement that, as part of the collaboration, Binance aims “to play a role in bringing social media and Web 3.0 together in order to broaden the use and adoption of crypto and blockchain technology.”

On the Flipside

  • In his crypto thread, CZ said that he was not involved in the transaction and joked that it was processed through traditional banking means and not via blockchain or crypto.

Why You Should Care

Crypto experts believe that the takeover of Twitter by Elon Musk, who is a prominent crypto influencer, could be of immense benefit to the industry.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Author

Milko is a DailyCoin reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs).