Binance also confirmed that it helped finance Elon Musk’s acquisition of the platform with $500 million.
According to October 28, cryptocurrency exchange Binance intends to form a team to work on cryptocurrency and blockchain solutions for Twitter following tech billionaire Elon’s acquisition of social media company Musk. The development comes hours after Binance founder and CEO Changpeng “CZ” Zhao confirmed that the company had backed Musk with $500 million in funding, making the exchange the fourth-largest contributor to the takeover among 19 investors supporting the Founders donated $7.
Billion to Tesla. Taking to Twitter, CZ confirmed the money was transferred earlier this week, clarifying that the transaction was processed through traditional banking services using fiat currency, not cryptocurrency or blockchain protocols. Other investors, including Lawrence J.
Ellison Revocable Trust, Sequoia Capital Fund, and Fidelity Management. At the time, CZ classified the company’s investment as a “small contribution to the cause.” Musk, the billionaire CEO and founder of Tesla, officially announced his acquisition of Twitter in April. On January 25, the $44 billion transaction was subject to Twitter shareholder and regulatory approvals. He previously stated that eliminating spam and scam bots, including those related to cryptocurrencies, would be one of his top priorities for the company.
Before partnering for the Twitter acquisition, Musk and CZ had a brief battle on the platform as Musk pressured Binance to tackle Dogecoin (DOGE withdrawal issues last year). On October 27, Musk acquired the social networking platform for $54.2 per share. This brings the total transaction value to nearly $44 billion.
The new owner fired the company’s key executives as one of its first actions. As part of the deal, Musk is taking the company private, resulting in its shares being delisted from the public market.