Binance has confirmed that it is an investor in Musk’s $44 billion purchase of Twitter, which he is taking over.
“We’re excited to be able to help Elon realize a new vision for Twitter. We aim to play a role in bringing social media and Web3 together in order to broaden the use and adoption of crypto and blockchain technology,” Binance CEO Changpeng ‘CZ’ Zhao told.
This week, CZ affirmed that Binance would stick to its earlier promise to put $500 million toward Musk’s bid to purchasing Twitter. The company emphasized that the deal would be a chance to help connect social media and news to Web3. Late on Thursday, Zhao posted on Twitter that Binance had already sent the agreed-upon amount as part of the deal.
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
— CZBinance (@cz_binance) October 28, 2022
In May of this year, Binance told the SEC about its plans to help Musk buy Twitter. At the time, the exchange’s CEO called the move “a small contribution to the cause.”
Morgan Stanley, Bank of America, and Barclays were the main lenders who helped the head of Tesla and SpaceX pay for the deal. Each of them put up at least $2.5 billion in debt financing for the deal. CNBC says that Sequoia Capital, Qatar Investment Authority, and Fidelity Management & Research are among the other equity investors who are taking part in the purchase.
After months of legal and public wrangling over the deal, Musk reportedly finished buying Twitter for $44 on Thursday night. He posted a happy tweet saying, “The bird is freed,” and then fired several top executives right away.
From what we’ve heard so far, the new owner of Twitter has been quick to make changes to the c-suit. Twitter’s CEO Parag Agrawal, CFO Ned Segal, and top lawyer Vijaya Gadde are all said to be leaving. Gadde was a key player in the decision to ban former president Donald Trump’s Twitter account in January 2021.
His next move, according to reports, will be to let back on Twitter people who have been banned for life, like Trump.
Before the deal was finalized, Musk said that the main reason he wanted to buy Twitter was to protect the “future of civilization.” Musk says that the goal is to keep a “common digital town square” where people with different ideas can talk about them without getting violent, instead of letting people split into “far-right and far-left echo chambers.”
Other goals involve fighting spam bots on Twitter, which could be done with solutions based on the blockchain.
Bot spam is especially common in the cryptocurrency community, where scammers often use fake identities of influencers and other well-known people, like Musk himself, to get investors to invest.
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