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    Musk Twitter takeover: Binance confirmed as the equity investor

    By Daniela Ešnerová

    08:51, 28 October 2022

    Binance logo
    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: 

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    “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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