5 months ago 1 min read

Binance Confirmed as Backer in the Elon Musk Purchase of Twitter, Who Apparently Intends to Take Over as CEO


Currently, Elon Musk's acquisition of Twitter has confirmed cryptocurrency exchange operator Binance as an equity stakeholder.

In a statement, Binance founder and CEO Changpeng Zhao stated, "We hope to play a role in bringing social media and web3 together in order to promote the use and adoption of crypto and blockchain technology. We're delighted to be able to assist Elon realize a new vision for Twitter."

Musk reportedly fired Twitter's senior executives, including CEO Parag Agarwal, after the $44 billion acquisition closed yesterday. According to a recent Bloomberg article, Musk intends to take over as CEO of Twitter and lift the platform's lifetime account termination policy.

Following a months-long on-again, off-again battle between Musk and Twitter, news of Binance's investment has surfaced. Binance had promised $500 million in May to invest in Twitter in conjunction with Musk's acquisition of the social media platform. According to a spokesman for Binance:

"Our initial commitment remains the same and we look forward to exploring opportunities to grow the partnership in the future."
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