Binance confirms equity in Elon Musk’s Twitter acquisition

Binance has confirmed its participation in Tesla Chief Executive Officer Elon Musk’s Twitter acquisition as an equity investor, the world’s largest cryptocurrency exchange said on Friday.

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Fast facts

• Changpeng Zhao, Binance founder and CEO, said in a statement shared with Forkast that Binance is excited to help Musk 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,” Zhao said.
• A May regulatory filing revealed that Binance committed US$500 million to Musk’s US$44 billion Twitter takeover.
• “Our initial commitment remains the same and we look forward to exploring opportunities to grow the partnership in the future,” a Binance spokesperson said in a response to Forkast’s inquiry.
• Musk became the owner of Twitter on Thursday and started his reign by firing top executives including Twitter CEO Parag Agrawal and finance chief Ned Segal.

the bird is freed

— Elon Musk (@elonmusk) October 28, 2022

• Yi He, Binance cofounder who leads the exchange’s investment arm, Binance Labs, said in an interview with Forkast in September that when Musk said he wanted to buy Twitter, “we thought it was a good chance as Twitter has a large user base and it’d be good for Web3 education.”

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