Binance confirms participation in Elon Musk’s takeover of Twitter

Friday, the world’s biggest cryptocurrency exchange, Binance, disclosed its involvement in Tesla CEO Elon Musk’s purchase of Twitter as an equity investor.

Changpeng Zhao, founder and CEO of Binance, said in a statement published with Forkast that Binance is eager to assist Musk in realizing his new Twitter vision.

Zhao has said that the company’s goal is to “play a role in bringing social media and Web3 together” to increase the widespread adoption of blockchain and cryptocurrency.

A regulatory filing from May disclosed that Binance contributed $500 million to Musk’s $44 billion Twitter acquisition.

In response to Forkast’s request, a Binance representative said, “Our original promise remains unchanged, and we look forward to discussing future options to expand the cooperation.”

Musk became Twitter’s owner on Thursday and began his rule by dismissing key employees, including Twitter CEO Parag Agrawal and finance head Ned Segal.

Yi He, a co-founder of Binance and head of Binance Labs, the exchange’s investment arm, told Forkast in September that when Musk indicated he intended to purchase Twitter, “we believed it was a fantastic opportunity since Twitter has a huge user base and would be beneficial for Web3 education.”

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