😱🔥 BREAKING: Binance invests $500 million in Elon Musk’s Twitter acquisition
Binance, the world's largest cryptocurrency exchange by trading volume, has invested $500 million in Elon Musk’s $44 billion deal to acquire Twitter (TWTR). This significant move has sparked speculation that blockchain technology could play a role in the future of the social media platform.
Binance CEO Changpeng Zhao (CZ) tweeted, “We transferred $500 million two days ago, likely around the time Elon/Twitter discussions were taking place.” It’s reported that Binance has formed a team to explore how blockchain and cryptocurrency could enhance Twitter.
Could Twitter move to Blockchain?
Elon Musk, who referred to Twitter as “the bird was released” after announcing its shift to a more centralized model, has long been interested in integrating blockchain with social media. Musk previously messaged former Twitter CEO Jack Dorsey in March, stating, "Blockchain free speech has been a concept for a long time. The question is how to implement it.”
Binance’s Support for Musk’s Twitter Deal
Binance initially announced its support for Musk’s acquisition in May, with CZ describing the investment as a “small contribution to the cause” aimed at connecting social media and news to Web3. This investment is smaller compared to others, with institutions like Morgan Stanley, Bank of America, and Barclays contributing at least $2.5 billion in debt capital. Other investors include Sequoia Capital, Qatar Investment Authority, and Fidelity Management & Research.
For CZ, the investment is an opportunity to demonstrate the potential of Web3. He has previously stated that Binance's backing was crucial for the deal to succeed, adding, "If he [Musk] goes, we go." Given the dramatic developments surrounding the Twitter acquisition, more events are expected in the coming months.
