Binance Confirms Investment Of $500 Million In Musk’s Twitter Deal

The largest crypto exchange in the world, Binance confirmed that it had also participated in the $44 billion deal of billionaire Elon Musk to purchase Twitter.

The chief executive of Binance, Changpeng Zhao said that they were excited to help the equity investor in realizing a new vision for the social media platform.

He said that they wanted to play a key role in bringing Web3 and social media together for expanding the adoption and use of blockchain technology.

(Advertisement)Artificial Intelligence Crypto Trading Artificial Intelligence Crypto Trading System - Surpass the competition with this cutting-edge AI system! Utilize the prowess of innovative algorithms and amplify your crypto trading strategies with CypherMindHQ. Learn more today!

Binance’s promise

Earlier this week, the CEO of Binance had confirmed that they were going to follow through on their promise of committing $500 million to the deal between Twitter and Musk.

He emphasized that the deal offered the crypto exchange a chance to integrate news and social media into the world of Web3.

Late on Thursday, Zhao said on Twitter that Binance had already paid their part of the deal. The first time Binance had disclosed its plans of backing the Tesla CEO’s acquisition of Twitter had been in May.

It had been disclosed via an SEC filing and CZ had referred to it as a small contribution of the exchange to Musk’s cause.

The financiers

However, the major financiers that helped the SpaceX CEO in funding the deal were Bank of America, Morgan Stanley and Barclays.

Each of these provided debt financing of about $2.5 billion for the deal. Some of the other equity investors who also participated in the deal included Fidelity Management & Research, Qatar Investment Authority and Sequoia Capital, amongst others.

(Advertisement)Artificial Intelligence Crypto Trading Artificial Intelligence Crypto Trading System - Outpace the competition with this high-end AI system! Leverage the capabilities of progressive algorithms and enhance your crypto trading performance with CypherMindHQ. Learn more today!

Musk had previously backed out of his deal to purchase Twitter and the two had been squabbling legally and publicly for months.

But, reports on Thursday indicated that the $44 billion deal was completed, as Musk posted a tweet that said the bird was freed and immediately fired some leading executives.

Takeover complete

According to initial reports, the new owner did not waste any time in making cuts to the c-suit. Those who have been fired are some key players.

These include Parag Agarwal, the chief executive, Ned Segal, the chief financial officer, Vijaya Gadde, the top lawyer. The latter had played a major role in banning the account of former president Donald Trump last year in January.

Sources indicate that Musk himself intends to take the position of CEO, even though it may probably be an interim role.

His next move is expected to be restoring the accounts of Twitter users who have been banned, which includes Trump.

Before completing the deal, the billionaire investor had said that he was doing so for ensuring the civilization’s future.

Musk also wants to battle the span bots active on Twitter, which could be dealt with via the implementation of blockchain-based solutions.

Bot spam is quite widespread in the crypto community, as a lot of scammers use them for luring investors.

They do so by creating fake identities of celebrities, influencers, and other notable figures, with Musk himself having dealt with it.