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Binance’s CZ Confirmed As An Investor In Twitter Deal Of Elon Musk

Binance's CZ Confirmed As An Investor In Twitter Deal Of Elon Musk

Binance revealed on Friday that it was an equity investment in billionaire technology entrepreneur Elon Musk’s acquisition of Twitter.

Binance’s CZ said in a statement:

“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 stated in a tweet that Binance sent $500 million as part of the transaction two days ago.

Musk allegedly dismissed Twitter’s senior executives, including CEO Parag Agarwal, after the $44 billion acquisition concluded yesterday. Bloomberg reported today that Musk intends to take over as CEO of Twitter and restore lifetime account bans on the social media network.

CZ referred to the $500 million pledge as a tiny contribution to the cause. He said at the time that reducing spam and fraud on the site should be a top concern.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.