Confirmed: Binance Backs Musk Takeover of Twitter

News emerged on Friday, October 28, that Binance has become an equity stakeholder of Twitter as a part of the recent takeover by well-known billionaire and entrepreneur Elon Musk. Musk officially closed the $44 billion deal to buy the social media platform on Friday.

Throughout the week, rumors swirled around Binance CEO Changpeng Zhao (CZ) and the company’s commitment of $500 million back in May 2022. Doubts were squashed when CZ and Binance confirmed the company had wired the committed allotment two days prior.

“Our intern says we wired the $500 million 2 days ago, probably just as I was being asked about Elon/Twitter,” CZ tweeted on October 28.

CZ has been a vocal advocate for the removal of bot activity across the popular social media app and also tweeted about the improvements he is feeling and expecting.

The takeover by Musk has been controversial, to say the least. A very public row between the billionaire and the company occurred throughout the Summer of 2022. And Musk has already made his presence felt by firing several top officials, including CEO Parag Agrawal and CFO Ned Segal.

Many in Web3 are excited by the takeover of Musk and the expected clean-up on the platform of bots and malicious activity.

Public statements from Binance have shown the company is committed to improving the platform while also bringing Web3 together with social media.

"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," CZ said in an emailed statement.

What is Binance:

Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.

Where to find Binance:

Website | Twitter | Discord | Telegram |