Binance, World’s Biggest Crypto Exchange, to Invest $500 million in Elon Musk Twitter Bid
Changpeng “CZ” Zhao, the outspoken CEO of renowned exchange Binance, has declared that his company plans to spend more than $1 billion on purchases and investments in 2022. Binance’s $500 million contribution of Elon Musk’s proposed purchase of Twitter is the largest project it has undertaken in this area.
Changpeng “CZ” Zhao, the outspoken CEO of renowned exchange Binance, has declared that his company plans to spend more than $1 billion on purchases and investments in 2022. Binance’s $500 million contribution to Elon Musk’s proposed purchase of Twitter is the largest project it has undertaken in this area.
According to Bloomberg, the exchange has so far set aside $325 million for a total of 67 projects this year, as compared to the $140 million committed in 2021. This shows Binance’s determination to move on with its expansion plans in 2022 despite the present cryptocurrency bear market.
It may be mentioned that a Delaware judge, earlier this year, ruled that Twitter and Musk had until October 28 to close the deal with Zhao’s statement, which suggested that Binance would participate in the potential transaction.
CEO Zhao said that they had looked at a lot of lenders in recent months because that’s where all the issues are and added that he was interested in real products that people use. Furthermore, adding to his statement, the CEO said that despite the latest crypto market issues, Binance has remained profitable.
CEO Zhao said that they had looked at a lot of lenders in recent months because that’s where all the issues are and added that he was interested in real products that people use.
Furthermore, adding to his statement, the CEO said that despite the latest crypto market issues, Binance has remained profitable.
Zhao claimed that NFTs are much more than just selling photos of monkeys, and he added that he believed that this technology will remain because it can be used to issue tickets and diplomas, in addition to other things.
The entrepreneur continued by saying that there are a lot of possibilities for mergers and acquisitions in the current market, indicating that the coming months would probably usher in further consolidation within the cryptocurrency sector.
The entrepreneur continued by saying that there are a lot of possibilities for mergers and acquisitions in the current market, indicating that the coming months would probably usher in further consolidation within the cryptocurrency sector.
A proposed $200 million strategic investment in the media company Forbes is one of Binance’s other key goals. Zhao claims that the exchange is also considering investing in companies that provide gaming services.
On the other hand, it may be mentioned that Sequoia Capital, another major equity investor, has already invested $800 million in the transaction. It appears that the deal may be done soon following Musk’s most recent offer for Twitter.
On the other hand, it may be mentioned that Sequoia Capital, another major equity investor, has already invested $800 million in the transaction. It appears that the deal may be done soon following Musk’s most recent offer for Twitter.
A source with knowledge of the situation claims that Sequoia won’t be leaving the funding situation and will continue to support Elon Musk.
On October 4th, Elon Musk made a takeover bid for Twitter starting at $54.20 per share. Musk first proposed buying Twitter at the beginning of the year, but in April he decided to back out of the deal.
CNBC reports shows that the deal may close successfully. However, The deal is yet to be confirmed as official by both parties.
