The Binance CEO Supports The Elon Musk’s Twitter Takeover

November

26

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Changpeng Zhao states that he supports the deal of Elon Musk giving $44 billion to buy Twitter. Who is Changpeng Zhao? He is the CEO of Binance, the world’s largest crypto exchange.

Binance donated $500 million to the past week’s acquisition, it was disclosed, to make sure that Elon Musk would become the social media platform’s CEO. Zhao stated that he wanted Binance to be a key player in the adoption of cryptocurrencies by Twitter.

Speaking on Tuesday at the Future Investment Initiative conference in Riyadh, Saudi Arabia, CZ said, “I guess so,” when asked if he would maintain his financial pledge to Musk.

Binance first said that the cryptocurrency exchange would contribute $500 million to Musk’s Twitter transaction. The cryptocurrency platform is “eager to help Elon fulfil his new vision for Twitter,” according to CZ’s official statement.

According to Changpeng Zhao of Binance, Binance may participate in the prospective transaction. “We want to be able to play a role in integrating social media and web3 together and extending the usage and acceptance of crypto and blockchain technology,” Zhao stated.

A Delaware judge decided earlier this month that Musk and Twitter had until October 28 to complete the transaction. However, we’ll see what Elon Musk does until the exact targeted time.

The decision occurred after Musk stated on Twitter that he intended to proceed with concluding the sale at the initially agreed-upon price as the two parties were engaged in a lengthy legal procedure in preparation for a trial that would start on October 17.

Mid-April was when Musk initially announced his plans to buy Twitter for $54.20 per share. The billionaire attempted to get the agreement cancelled after the Twitter board approved it, citing his worries about the overabundance of bots on the network.

Musk has used a combination of loan and equity financing to fund the transaction. To finance the transaction, the billionaire also sold shares in Tesla worth billions.

Could Biden Administration Obey The Deal?

Yes, of course. The administration could obey the deal. Bloomberg reported last week that the Biden administration officials are debating whether to submit any of Musk’s endeavours to national security investigations, including the proposed purchase of Twitter.¬†

This is because the deadline for the deal is drawing near. According to a Bloomberg story citing persons with knowledge of the situation, US officials have voiced their worry over Musk’s recent threat to quit providing the Starlink satellite service to Ukraine. “The Starlink satellite that they regard as his increasingly Russia-friendly position following a series of tweets that described peace options favourable to President Vladimir Putin.”

The source further stated that Washington is worried about Musk’s ambitions to purchase the social media platform with a group of “foreign investors,” which may include Prince Alwaleed bin Talal of Saudi Arabia, Binance, and Qatar’s sovereign wealth fund.

Summary Of The News

  • The CEO of Binance has decided to back Elon Musk’s Twitter deal.
  • The Binance CEO has funded the deal with $500 million.
  • Zhao expressed his thoughts while speaking at a conference in Portugal.

 

About the author, Awais Rasheed

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