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;
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
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.
What should you expect from Musk’s Twitter? Read:
Will Elon Musk Turn Twitter into a Fully Fledged Web 3.0 Platform with Wallet Integration?
Find out more about the ongoing changes on Twitter below:
Twitter is Testing NFTs: The Biggest NFT Marketplaces Will Participate in The Pilot