Binance CEO Confirms Participation as Equity Investor in Musk’s Takeover of Twitter

Changpeng “CZ” Zao, CEO of the world’s largest exchange, Binance, confirmed on Friday, Oct. 28, the exchange’s participation as an equity investor in the tech billionaire Elon Musk’s acquisition of the microblogging platform Twitter (TWTR). This move is a speculation that could fuel a new vision for the social media platform and the crypto community.

CZ had confirmed earlier this week that Binance would stick to its earlier promise to contribute $500 million to Musk’s bid to buy Twitter, emphasizing that the deal would provide an opportunity to help bridge social media and news into Web3.

On Thursday, CZ also announced on Twitter that they had “wired” $500 million as part of the agreed deal. “Our intern says we wired the $500 million 2 days ago, probably just as I was being asked about Elon/Twitter.”, he tweeted.

“We’re excited to be able to help Elon 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,” he said in an email statement.

Summary

• CZ confirms Binance’s $500 million contribution to the acquisition of Twitter.
• Elon Musk reportedly sacks some of the top Twitter executives.
• Elon says he plans to make Twitter public in the next three to five years.

Elon Musk acquires Twitter

The world’s renowned tech Billionaire acquired the microblogging platform Twitter for $44 billion on Friday, Oct. 28, after a series of legal battles and back and forth with the Twitter board of directors. He excitedly made a post, tweeting, “the bird is freed.” Subsequently, he fired several top executives.

According to initial reports, the new owner has been quick to make cuts to Twitter’s c-suit. Those leaving include Twitter CEO Parag Agrawal, CFO Ned Segal, and top lawyer Vijaya Gadde, who was instrumental in the decision to ban former President Donald Trump’s Twitter account in January 2021.

The Future of Twitter

Elon says he plans to make Twitter public in the next three to five years and says the move to buy Twitter was more of a service to humanity and to ensure the future of civilization. Part of Elon’s job will be to reverse some bans on some prominent figures on Twitter and address the issues of bots on the platform which might be simply solved by blockchain-based solutions.

Bot spam is especially common in the cryptocurrency community, where scammers frequently create fake identities of influencers and other prominent figures in a bid to dupe them.

Bottom Line

Binance’s role in the acquisition will be very key in how the platform will transcend to empower citizen journalism where people are able to disseminate news without an establishment bias, as Elon tweeted.