Binance is one of the biggest crypto exchanges, which has verified its investment in Twitter. The company has invested in Twitter as its equity investor in the deal of Twitter for $44 billion from Musk’s end. The CEO of Binance, Changpeng ‘CZ’ Zhao, said they are excited about their investment in Twitter. They have invested in Elon’s effort to build a new vision for the company. He added that we are trying to integrate social media and Web3 to develop crypto and blockchain technology.
Zhao announced its participation in the deal on Thursday. The first time Binance showed interest in helping Elon takeover Twitter happened in May 2022 during the SEC filing. Binance’s CEO proclaimed their move as a contribution to the change.
The main contributors who helped Elon Musk’s Tesla and SpaceX for acquiring Twitter are Morgan Stanley, Barclays, and Bank of America. All three of them have given $2.5 billion amount as debt to the companies. In addition, Sequoia Capital, Fidelity Management & Research, and Qatar Investment are other investors.
After several months of legal quarrel, Musk finally completed the deal of $44 billion for Twitter this Thursday. However, as per the reports, Elon Musk is executing rapid cuts from the top management. Also, he is planning to do massive cut-offs from the workforce of Twitter. This firing includes CEO Parag Agarwal of Twitter, Ned Segal, a chief financial officer, and Vijaya Gadde, the top lawyer for the company. He also played a crucial role in banning Donald Trump’s account on Twitter.
Musk’s motive behind the acquisition is to protect the ‘standard digital town square. Moreover, he will restore the accounts of the users who have gotten lifetime bans from Twitter, including former president Trump. Also, he will battle the spam bots on the platform for which he will utilize blockchain technology.
