Binance contributes to Musk’s takeover of Twitter

The biggest cryptocurrency exchange in the world, Binance, stated that it has invested shares in Elon Musk’s $44 billion proposal to buy Twitter.

They are thrilled to be able to assist Elon in bringing his new vision for Twitter. In an email statement to Decrypt, Binance CEO Changpeng ‘CZ’ Zhao said, they intend to play a role in bringing social media and Web3 together in order to promote the use and adoption of cryptocurrency and blockchain technologies.

CZ stated Binance would adhere to its prior commitment to contribute $500 million to Musk’s attempt to acquire Twitter, highlighting the opportunity the purchase would provide to help connect social media and news into Web3.

Zhao announced on Twitter that Binance had already wired the specified sum in accordance with the agreement.

In a May 2018 SEC filing, Binance originally announced its intentions to support Musk’s purchase of Twitter, with the exchange’s CEO at the time referring to the action as a little contribution to the cause.

Morgan Stanley, Bank of America, and Barclays were the main lenders who assisted the Tesla and SpaceX CEO in funding the transaction; each provided at least $2.5 billion in loan financing for the transaction.

In addition to several other equity investors, the transaction also includes Sequoia Capital, Qatar Investment Authority, and Fidelity Management & Research.

Musk successfully takes over Twitter.

Musk reportedly completed his $44 billion acquisition of Twitter late on Thursday, triumphantly tweeting, The bird is freed, and promptly removing several top executives from their positions. This came after months of legal and public wrangling over the deal.

According to early reports, Twitter’s c-suit has already been significantly reduced by the new owner. According to reports, leaving employees include Twitter CEO Parag Agrawal, CFO Ned Segal, and top lawyer Vijaya Gadde, who was instrumental in the decision to block former president Donald Trump’s account on the social media platform in January 2021.

Musk will become the new CEO

According to reports, his next step would be to reinstate Twitter users who have received lifetime bans from the service, including Trump.

Before closing the acquisition, Musk indicated that he was buying Twitter primarily to secure the future of civilisation.

 

Musk says the objective is to prevent “far right-wing and far left wing echo chambers by maintaining a  common digital town square where people with diverse viewpoints can discuss them peacefully.
Other objectives include combating Twitter spam bots, a problem that may be solved by deploying blockchain based solutions.
Bot spam is particularly common in the cryptocurrency world, where con artists frequently adopt the personas of influential people and other well-known individuals, including Elon Musk, to entice investors.