HomeNewsBinance wired $500 million to support Musk's purchase of Twitter — CZ

Binance wired $500 million to support Musk’s purchase of Twitter — CZ

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The CEO of Binance claimed that as soon as Elon Musk’s buyout of Twitter was finalized, the business wired $500 million to acquire a stake in the company.

Elon Musk’s high-profile takeover of Twitter was supported by Binance, according to Changpeng “CZ” Zhao, CEO of Binance.

On October 27, Musk reportedly closed the sale, and the new owner of the social media network apparently cleaned house as he led a few Twitter officials to the door.

Along with 18 other investors, including cryptocurrency investment companies Sequoia Capital Fund, Fidelity Management, and Research Company, Binance had said it will co-invest in Twitter in May 2022.

 

On October 28, Binance’s founder acknowledged that the company had in fact placed money on the table as Musk completed his acquisition of Twitter. CZ used the newly acquired platform to formally declare that the business had sent the money earlier in the week.

In response to comments made in the thread, CZ clarified that he was not personally involved in enabling the transaction and quipped that he believed it had been handled using conventional banking methods rather than a blockchain or cryptocurrency transaction.

With a $500 million stake in Twitter, Binance ranks as the takeover’s fourth-largest donor. The Lawrence J. Ellison Revocable Trust contributed $1 billion to the Musk-led acquisition of the social media site, making it the largest contributor.

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