Crypto

Binance confirms participation as an investor in the acquisition of Twitter by Elon Musk

Binance confirmed this Friday (28) that it has entered as an investor in the acquisition of the social media platform Twitter (TWTR34) along with billionaire entrepreneur Elon Musk, founder of Tesla.

“We are excited to be able to help Elon realize a new vision for Twitter,” Binance founder Changpeng “CZ” Zhao said in an emailed statement. “Our goal is to play a role in bringing social media and Web 3.0 together to broaden the use and adoption of cryptography and blockchain technology.”

CZ said in a tweet that Binance had transferred around $500 million as part of the deal two days ago. Twitter did not immediately respond to CoinDesk’s request for comment.

In May, CZ referred to the $500 million pledge as “a small contribution to the cause” in a tweet published after the acquisition first broke. CZ added at the time that the priority should be to reduce spam and scams on the platform.

“Our initial commitment remains the same and we look forward to exploring opportunities to grow the partnership in the future,” said a Binance spokesperson.

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The purchase of Twitter is expected to be closed at the initial price – of US$54.20 per share and totaling a transaction of US$44 billion. The announcement by the Tesla owner, and possibly now also the social network, came a day before the deadline for closing the deal. TWTR shares closed Thursday’s trading session up 0.66% in New York at $53.70.

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