Binance will still back Elon Musk’s acquisition of Twitter, says Changpeng Zhao

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Binance will still back Elon Musk’s acquisition of Twitter, says Changpeng Zhao

By Hassan Maishera - min read

Binance’s CEO Changpeng Zhao (CZ) has revealed that the company would still support Elon Musk’s acquisition of Twitter.

Binance, the world’s leading cryptocurrency exchange, said it would commit $500 million to Elon Musk’s move to acquire Twitter.

Elon Musk is set to acquire Twitter after submitting a $44 billion bid earlier this year. The proposal was briefly withdrawn as Musk said Twitter wasn’t forthcoming regarding the number of bots on its platform. 

However, the deal is now back on track and Musk is set to acquire Twitter and turn it into a private company.

Binance had previously said it would help finance Musk’s Twitter acquisition. The crypto exchange pledged $500 million to the cause, and now CZ has revealed that the company will still to its plan. 

While speaking at the Future Investment Initiative conference in Riyadh, Saudi Arabia, on Tuesday, he confirmed that Binance would invest in Musk to acquire Twitter. 

Elon Musk and CZ are two prominent figures in the cryptocurrency space. CZ is the CEO of Binance, the world’s leading cryptocurrency exchange. Meanwhile, Musk is known for supporting some cryptocurrencies like Dogecoin.

In May, when Twitter accepted Musk’s bid, Dogecoin rallied by more than 25% despite the crypto winter. At the time, Musk said;

“Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”

The Tesla CEO added that he would ensure the social media platform becomes the ‘bedrock’ of free speech and free of spam bots. He also pledged to enhance Twitter with new features and seek to authenticate all humans on the platform.

In July, reports emerged that Tesla had sold 75% of its Bitcoin holdings. Changpeng Zhao commented that it doesn’t matter whether Musk is buying or selling Bitcoin. 

He said Elon Musk’s decision to buy or sell Bitcoin doesn’t matter as it doesn’t affect the fundamentals of the cryptocurrency. Bitcoin is trading above $20k once again, up by more than 7% in the last 24 hours.