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Binance CEO Changpeng Zhao invests $500 million following Elon Musk’s Twitter acquisition

In crypto news today, Binance, the world’s largest cryptocurrency exchange, has recently confirmed that it is a shareholder in Elon Musk’s $44 billion purchase of Twitter Inc.

In a Twitter post, Changpeng Zhao, the Binance CEO and founder of Binance, stated, “Our intern says we wired the $500 million 2 days ago, probably just as I was being asked about Elon/Twitter.” 

He added that the wire transfer was done through the bank, not the blockchain. 

Crypto Figureheads Support Takeover

Binance announced in May that it had committed $500 million alongside names like Andreessen Horowitz and Sequoia Capital Fund to the takeover as part of its strategy to integrate social media and news sites into the web3.

On October 26, at the Future Investment Initiative conference, the Binance CEO assured that he would keep his promise to fund Elon Musk’s $44 billion acquisition of Twitter, according to Bloomberg

According to Business Insider, Tesla CEO Elon Musk officially closed the deal to buy Twitter Inc. for $54.2 per share ($44 billion) on Thursday evening. The new Twitter Owner also dismissed Twitter CEO Parag Agrawal and Chief Financial Officer Ned Segal.

Musk has been at Twitter’s San Francisco headquarters this week, meeting with employees and holding impromptu discussions with them at a cafe. Representatives for Twitter Inc. and Musk did not immediately respond to requests for comment.

Now, when asked if the blockchain could somehow be integrated with Twitter, CZ stated, “They have at least one ‘crypto’ investor now.”

In another Twitter post, the Binance head stated, “I feel much more secure about my Twitter account now that Elon has sink’ed in there.” Zhao was referencing Musk’s dramatic entrance to Twitter headquarters, in which he carried a bathroom sink and tweeted out, “Let that sink in.”

Government Takes Interest

Musk attempted to back out of the deal after initially offering to buy Twitter in April, claiming the social media platform had failed to comply with its obligation to disclose the number of bots on the platform. Twitter sued Musk shortly after his reversal on the acquisition, accusing him of breach of contract. In October, the billionaire made another offer to buy Twitter for $44 billion.

Meanwhile, according to Bloomberg sources, officials from the Biden administration were debating whether to subject some of Musk’s ventures to national security scrutiny. Among them is his Twitter acquisition, which is backed by a slew of foreign investors, including Saudi Prince Alwaleed bin Talal.

If the Twitter acquisition was to be reviewed by the Committee on Foreign Investment in the US (CFIUS) for national security reasons, the agency would have advised President Biden to cancel the deal, which Musk has tried and failed to do in recent months.

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