Binance Contributes $500M To Musk’s Twitter Takeover

Design Lapse: Binance Releases Swastika-like Emoji On Hitler’s Birthday
Design Lapse: Binance Releases Swastika-like Emoji On Hitler’s Birthday

The world’s largest crypto exchange is among the list of co-investors in Elon Musk’s upcoming privatization of Twitter.

More than 7 billion USD secured

For his 44 billion USD takeover of Twitter, Elon Musk has gathered the support of 18 co-investors, who contributed a total of 5.2 billion USD. Next to the 500 million USD from Binance, the largest investments came from Lawrence J. Ellison, Sequoia, and VyCapital. 

Additionally, the Saudi Arabian billionaire Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud will contribute close to 35 million Twitter shares, bringing the total co-investment sum to over 7 billion USD. Binance CEO Changpeng Zhao commented:

We’re excited to be able to help Elon realize a new vision for Twitter. We hope to be able to play a role in bringing social media and web3 together and broadening the use and adoption of crypto and blockchain technology.

Musk wants to become Twitter CEO

According to a CNBC report, Musk intends to lead the microblogging platform personally, replacing Twitter’s current CEO Parag Agrawal. Agrawal has led the company since Jack Dorsey’s resignation in November 2021.

It is however not to be expected that Musk will keep the position for long either. Last month, Reuters reported that he already lined up a new CEO, but did not disclose their identity. Musk already refused a board membership after he became Twitter’s largest shareholder in April.