Binance Sent Half-a-Billion To Empower Elon Musk In Twitter Buyout

The news about the long-awaited Twitter, Inc purchase by Elon Musk is finally done.

On top of owning Tesla, SpaceX, The BoringCompany, and Neuralink – Musk is now the owner of one of the world’s most influential social media platforms.

Amidst the turmoil that was the negotiations between Musk and Twitter’s board of directors that went on for months – the CEO of Binance, Changpeng Zhao, decided to ponder in in favor of the multi-billionaire in support of his desire to acquire Twitter.

Back in April, “CZ” stated that the largest cryptocurrency exchange in the world would join forces with Musk, promising to wire in $500 million in order to help finalize the purchase.

This Friday, Binance revealed that the exchange kept its promise, and announced that the company did in fact invest half a billion dollars on Musk’s new social media platform.

“We’re excited to be able to help Elon realize a new vision for Twitter,” Binance founder Changpeng Zhao wrote in a statement. “We aim to play a role in bringing social media and Web3 together in order to broaden the use and adoption of crypto and blockchain technology.”

A couple of days back “CZ” confirmed on Twitter that Binance wired in the money even before the purchase was made official.

“Our intern says we wired the $500 million 2 days ago, probably just as I was being asked about Elon/Twitter.” He wrote in a Tweet.

The cryptocurrency exchange’s support had already been reported in May, among notable angel investors like Oracle Cofounder Larry Ellison and Twitter majority owner Prince Alwaleed bin Talal of Saudi Arabia.

Binance was mentioned as one of 19 separate parties helping fund Musk’s buyout in an SEC filing back in May, with Zhao referring to the company’s $500 million promise as “a small contribution to the cause” in a tweet after news of the deal first broke. He also stated at the time that reducing spam and fraud on the network should be a top concern.

Musk’s First Actions as Twitter CEO

One of the key talking points of Elon’s desire to acquire the social media company was about allowing free speech to traverse the public discourse, without the interference of big tech companies.

Perhaps it was that motivation that made Musk decide to fire longtime Twitter executives as one of his first administrative decisions.

In its first week as CEO, he removed four senior executives right away, including the CEO, CFO, general counsel, and the head of legal policy, trust, and safety.

Among those removed was Vijaya Gadde, who became known as responsible for permanently barring President Donald Trump after he incited violence prior to and during the January 6 insurgency in the U.S. Capitol.

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