Changpeng Zhao confirmed the company invested $500 million to take a share of equity as Elon Musk has successfully acquired social media platform Twitter.
Elon Musk’s elevated takeover of Twitter is being supported by Binance, whose CEO Changpeng “CZ” Zhao claims the company adhered to a $500 million agreement.
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.
In May 2022, according to a statement made by Binance, it will invest alongside 18 other investors in Twitter, including major cryptocurrency investment firms Sequoia Capital Fund, Fidelity Management, and Research Company.
The founder of Binance said on October 28 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.
CZ responded to concerns in the thread by stating that he was not directly involved in enabling the transaction and making light of the fact that he believed the transaction had been carried out using conventional banking methods rather than a blockchain or cryptocurrency transaction.
Binance is the fourth-largest contributor to the takeover with a $500 million investment in Twitter. The Lawrence J. Ellison Revocable Trust contributed $1 billion to the Musk-led acquisition of the social media site, making it the largest contributor.