Binance has confirmed its investment in Elon Musk’s $44 billion purchase of Twitter, according to a Bloomberg report. In May, the cryptocurrency exchange had planned to invest $500 million with Musk for the acquisition.
“Our goal is to play a role in bringing social networks and Web3 together to expand the use and adoption of cryptocurrency and blockchain technology,” Binance’s co-founder and CEO said in a statement.
A Binance spokesperson said the company’s “initial commitment remains the same” and the company looks forward to “exploring opportunities to grow the partnership in the future.”
Elon looks younger in this video than in the previous ones. What did he do? https://t.co/M4QXDhcqXz
— CZ 🔶 Binance (@cz_binance) October 27, 2022
U.S. Securities and Exchange Commission filings show Binance is part of a consortium of 18 other investors that includes venture capital firm Sequoia Capital and investment firm Fidelity.
After closing the acquisition deal, Elon Musk tweeted “The bird is released,” a reference to Twitter’s blue bird logo. He also fired top Twitter executives, including CEO Parag Agrawal, CFO Ned Segal and head of legal and policy Vijaya Gadde, according to people familiar with the matter.
Bloomberg also reported that Musk intends to assume the role of Twitter CEO and lift permanent bans on users. He went on to assure advertisers that “obviously, Twitter can’t become a hellhole of freedom, where you can say anything without consequences!”
The road to Musk’s purchase of Twitter was full of twists and turns, as he first became the social media platform’s largest shareholder with a 9.2% stake in April. He then agreed to sit on Twitter’s board of directors before backing out and offering to buy the company for $54.20 per share.
In the weeks that followed, Musk’s lawyers accused Twitter of failing to provide information about spam accounts, prompting the Tesla CEO to void the acquisition deal on July 8. Twitter then sued Musk four days later, forcing him to complete the acquisition, as legal analysts said Twitter had a better chance of beating the lawsuit.
To avoid going to trial, Musk managed to close the deal on October 4, one day before the deadline given by a judge. Following the acquisition, Twitter becomes a private company and is no longer listed on the New York Stock Exchange, effective Friday.
Meanwhile, Twitter is also expanding its web strategy3 with Tweet Tiles, a test product that will allow users to share NFTs and call-to-action (CTA) collectibles on the platform.
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