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Musk Twitter takeover: Binance confirmed as the equity investor

By Daniela Ešnerová

08:51, 28 October 2022

Binance hopes its investment in Musk’s Twitter buy-out will bring social media and Web3 together – Photo: Shutterstock

The world’s biggest cryptocurrency platform Binance has invested $500m in Twitter (TWTR) following the takeover of social media giant by billionaire tech entrepreneur Elon Musk, Binance’s boss Changpeng Zhao confirmed – fittingly – in a tweet.

Binance committed to invest the sum towards Musk’s $44bn TWTR buyout back in May when the entrepreneur first filed documents with the US Securities Exchange Commission (SEC) to acquire Twitter.

“A small contribution to the cause,” CZ tweeted at the time.

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Twitter (TWTR) share price

‘Bringing social media and Web3 together’

Binance said in its May statement that it hoped to help with bringing social media and Web3 together, as well as broaden crypto and blockchain adoption with the investment. Zhao – known as CZ – said:

BTS/BTC

0.00 Price

0.000% 1D Chg, %

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1,907.59 Price

+0.860% 1D Chg, %

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+0.090% 1D Chg, %

“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.”

Bitcoin (BTC) to US dollar

Musk’s Twitter purchase was finalised yesterday after a dramatic drawn-out courtship with a U-turn on the way where Musk tried to walk away from the takeover.

The world’s richest man is already leaving a groundbreaking mark on the company. He has reportedly become the group’s interim CEO. after letting go of the previous CEO Parag Agrawal among other executives.

According to an SEC filing, TWTR will be delisted from the New York Stock Exchange (NYSE) at the opening of business on 8 November. Its stock was suspended from trading before the NYSE opened today (28 October).

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Related reading

Twitter delisting: What do TWTR investors need to know?

Twitter stock forecast: Where next for TWTR after the Musk purchase?

The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.

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