Binance also stated that it contributed $500 million to Elon Musk’s purchase of the platform.
Following Elon Musk’s purchase of Twitter, Binance plans to form a team to develop crypto and blockchain solutions for the social media platform, according to news published on October 28.
The event occurred hours after Binance’s founder and CEO, Changpeng “CZ” Zhao, disclosed that the business had supported Musk with $500 million in finance, making it the fourth-largest donor to the takeover among the 19 investors that donated $7 billion Tesla’s creator.
CZ acknowledged on Twitter that the funds were moved early this week and noted that the transaction was conducted via standard banking services and fiat cash, and not cryptocurrencies or blockchain technologies.
In May 2022, the cryptocurrency exchange revealed that it will co-invest in Twitter with Lawrence J. Ellison Revocable Trust, Sequoia Capital Fund, and Fidelity Management, among others. CZ categorised the company’s funding as a “modest contribution to the cause” at the time.
Musk, the billionaire CEO and inventor of Tesla announced the purchase of Twitter on April 25, subject to the approval of Twitter investors and authorities. The $44 billion deal is contingent on the approval of Twitter stockholders and regulators. Previously, he claimed that eradicating spam and scam bots, especially those connected to cryptocurrencies, will be one of his key goals for the organisation.
Musk purchased the social network platform on October 27 for $54.2 per share, making the total value of the transaction close to $44 billion. The new owner’s first action was to terminate the company’s senior executives. Musk is also taking the firm private as part of the purchase, culminating in the delisting of its shares from the public market.
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