Cryptocurrency exchange company Binance is listed as one of 18 investors backing Elon Musk’s full purchase of Twitter.
The document filed with the SEC details that Binance would be contributing $500 million in investment to Musk’s bid, and joins Oracle co-founder, tycoon Larry Ellison, who will invest $1 billion, and financial firm Sequoia, whose contribution will be $800 million.
Musk’s “exciting” project
Binance CEO Changpeng Zhao told online media outlet The Block that he is “excited” about Musk’s “new vision for Twitter” and expressed enthusiasm for the project.
“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,” Zhao said.
The Tesla owner’s outright purchase of Twitter came after the tycoon asked his followers whether the platform was truly committed to free speech. After a couple of weeks, Musk became one of the majority shareholders and turned down a board seat.
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Musk intends to turn the platform into a bastion of free speech and to achieve this, in his view, it was necessary to turn it into a private company.
Musk’s appearance in the Twitter story has caused a stampede of left-wing influencers, brought the company’s “censorship lawyer” to tears, and tiptoed its employees. According to reports, Musk would assume the role of CEO of the social network “for a few months” after completing its acquisition.