Binance's CEO CZ Confirms $500M Equity Investment To Back Musk’s Twitter Takeover

Binance's CEO CZ Confirms $500M Equity Investment To Back Musk’s Twitter Takeover

Last Friday, Binance announced that it had contributed shares to the acquisition of Twitter by billionaire internet entrepreneur Elon Musk.

"We're excited to be able to help Elon realize a new vision for Twitter,” Binance founder Changpeng Zhao said in an emailed statement. “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."

In a tweet, Zhao claimed that Binance had sent $500 million as part of the transaction two days prior.

Zhao, the CEO of Binance, described the company's $500 million investment as "a little contribution to the cause" in a tweet shortly after learning of Musk's takeover in May. Binance was one of 19 firms included in an SEC filing that helped fund Musk's buyout. At the time, he said that eliminating spam and frauds on the network should be a top goal.

A representative for Binance stated, "Our original commitment remains the same and we look forward to exploring options to strengthen the collaboration in the future."