Popular crypto exchange Binance has closed a $500 million investment deal in the just-concluded $44 billion acquisition of Twitter by the tech billionaire, Elon Musk.
Binance Invests $500M in Twitter Acquisition
Changpeng Zhao (CZ), the CEO of Binance, noted in a Friday tweet that his company sent $500 million two days ago.
He added that the deal might have occurred while he was commenting on his commitment to Musk’s deal at the Future Investment Initiative conference held in Saudi Arabia. When asked if he would be committed to the agreement regarding the Twitter buyout, CZ said he thinks so.
“Our initial commitment remains the same and we look forward to exploring opportunities to grow the partnership in the future,” a Binance spokesperson said.
Recall that Binance had initially signaled its interest in partaking in the Twitter acquisition in May. The company then committed to its $500 million investment, joining a group of companies that invested in Musk’s acquisition of the social app.
Musk Finalizes Twitter Acquisition After Six Months
In April, Musk declared his intention to acquire Twitter, after declining an offer to become a board member of the company.
On two occasions, however, Musk sought to terminate the deal. In the first case, he alleged that Twitter failed to disclose information about spam accounts in the app. In August, he moved to back out of the acquisition again, citing claims from a former Twitter executive about the app’s security, privacy, and content moderation.
Twitter, on its part, sued the tech billionaire for backing out on his deal. Earlier this month, Delaware Chancery Judge Kathaleen St. J. McCormick halted the court case, while issuing an order for Musk to complete the acquisition before 5 p.m. on October 28.
Impact of Twitter Deal on the Crypto Industry
Currently, no official comment has been made by Musk regarding how the deal will impact the crypto industry.
However, there is speculation by members of the crypto community on Twitter. In response to a comment regarding how blockchain technology can get integrated with the social app, CZ said:
“They have at least one “crypto” investor now.”
Meanwhile, the popular memecoin Dogecoin saw over 10% jump following the news of the acquisition. It currently trades at $0.0825.
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Source: https://coinfomania.com/binance-closes-500m-deal-in-elon-musks-twitter-acquisition/