Binance confirms equity investment of $500M in Elon Musk’s Twitter acquisition <br><br>

binance invests in twitter deal

Binance confirms equity investment of $500M in Elon Musk’s Twitter acquisition

The world’s largest cryptocurrency exchange, Binance Holding Ltd, has confirmed its equity investment in Tesla CEO Elon Musk’s $44 Twitter Inc deal, a microblogging platform. 

Binance founder Changpeng “CZ” Zhao, said in an e-mail statement, “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.”

Two days ago, Binane has invested $500 million in Elon Musk’s Twitter deal, Changpeng “CZ” Zhao said in a tweet.

In May, when the announcement of the takeover emerged, Binance’s founder called the $500 million commitment as “a small contribution to the cause” in a tweet. He said the priority should be to reduce spam and scams on the platform, at the present.

A Binance spokesperson said Friday “our initial commitment remains the same” and flagged the possibility of growing the partnership.

As per some report, financers such as Morgan, Bank of America, Barclays and Stanely has each committed a minimum of $2,5 billion in debt financing for Twitter previously.

According to another report, various other equity investors also participated in the deal such as Qatar Investment Authority, Sequoia Capital, and Fidelity Management & Research.

On Thursday, Musk became the owner of Twitter and took over the on-job activities by firing top executives including Twitter finance chief Ned Segal and CEO Parag Agrawal.