Changpeng Zhao: Binance Wired 500M USD To Back Elon Musk’s Twitter Takeover

Changpeng Zhao, the CEO of crypto exchange Binance, recently tweeted that the company followed through with a five hundred million dollars commitment to back Elon Musk’s high-profile Twitter takeover.

Musk purportedly sealed the deal on 27th October, with a handful of Twitter executives directed to the door as the new owner of the social media platform cleaned house.

Binance had suggested that it would co-invest in Twitter in the month of May this year, alongside eighteen co-investors that included the likes of virtual asset investment firms Sequoia Capital Fund, Fidelity Management and Research Company.

On 28th October, the exchange’s founder confirmed that the company had indeed put its money on the table as Musk completed his ownership of Twitter.

Commenting on questions in the thread, Zhao mentioned that he was not involved in facilitating the transaction himself and joked that he thought the transaction had been processed through traditional banking means and not over a blockchain or digital asset transaction.

Notably, the five hundred million dollars stake of Binance in Twitter makes it the 4th biggest contributor to the takeover. The Lawrence J. Ellison Revocable Trust invested one billion dollars to make it the biggest contributor to the SpaceX CEO-led acquisition of the social media platform.