Cryptocurrency News

Binance wired $500M to back Musk’s Twitter takeover, CZ says


Binance CEO Changpeng ‘CZ’ Zhao says the company followed through with a $500 million commitment to back Elon Musk’s high-profile Twitter takeover.

Musk reportedly sealed the deal on Oct. 27, with a handful of Twitter executives escorted to the door as the new owner of the social media platform cleaned house.

Binance had indicated that it would co-invest in Twitter in May 2022, alongside 18 other investors that included the likes of cryptocurrency investment firms Sequoia Capital Fund, Fidelity Management and Research Company.

Related: How Crypto Twitter could change under Musk’s leadership

Binance’s founder confirmed on Oct. 28 that the company had indeed put its money on the table as Musk finalized his ownership of Twitter. CZ took to the newly-owned platform to confirm that the company had wired the funds earlier in the week:

Commenting on questions in the thread, CZ said that he was not involved in facilitating the transaction himself and joked that he thought the transaction had been processed through traditional banking means and not over a blockchain or cryptocurrency transaction.

Binance’s $500 million stake in Twitter makes it the fourth biggest contributor to the takeover. The Lawrence J. Ellison Revocable Trust invested $1 billion to make it the biggest contributor to the Musk-led acquisition of the social media platform.

Cointelegraph has reached out to Binance to ascertain the finer details of its Twitter investment, its total shareholdings and other potential partnerships entailed.