Back in April of 2022, Binance CEO Chanpeng Zhao claimed that the world’s largest cryptocurrency exchange would “back” Elon Musk’s venture into acquiring Twitter.
In fact, “CZ” stated that Binance would be putting forward half a million dollars in order to aid the world’s wealthiest man in purchasing the social media company.
The initiative came from a conjunction of cryptocurrency-related companies like Fidelity Management and Sequoia Capital.
Many people believe that Musk’s purchase of Twitter will kickstart a revolution in the use of digital assets online, especially in social media platforms.
At the time, Zhao, founder and CEO of Binance, stated that the crypto exchange hopes to “play a role in bringing social media and web together and broadening the use and adoption of crypto and blockchain technology.”
Binance To Stand By Its Initial Offer of $500-million For Musk
Amid the turmoil regarding the purchase, the long-awaited “Musk-owned” Twitter appeared to have come to a halt.
Despite Elon even shortening Tesla stock in order to buy the social media giant (Musk has sold over $8.5 billion in shares to finance the Twitter transaction, which has caused concern among Tesla investors) – Musk and Twitter’s board of directors appeared to have not been able to stipulate a reasonable price for the purchase.
Elon Musk intends to increase his equity contribution to $27.25 billion and lower the margin loans he obtained from a consortium of lenders by half to $6.25 billion with the new funding arrangements.
However, on October 6th it was announced that Elon Musk had finally decided to continue with the negotiations.
This resulted in people questioning if Binance would still stand on its half-a-billion-dollar offer to back Musk’s purchase.
When asked about it recently, “CZ” did not go into much detail about the offer. Zhao only had to say “I think so,” when asked about the $500 million for Musk’s Twitter.
Musk’s Twitter Powering Cryptocurrencies
Albeit not confirmed, Elon Musk’s potential multi-billion-dollar acquisition might have a lot of correlation with cryptocurrencies in the future.
One of the world’s biggest cryptocurrency spokesmen – Musk planned on what he could do to turn Twitter into a profiting cryptocurrency platform.
Back in October 1st, reports indicated that Elon Musk pondered the idea of charging a small amount of Doge per user-generated tweet.
“I have an idea for a blockchain social media system that does both payments and short text messages/links like Twitter.” Elon Musk wrote in a private text message to Jack Dorsey. “You have to pay a tiny amount to register your message on the chain, which will cut out the vast majority of spam and bots. There is no throat to choke, so free speech is guaranteed.”