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Binance to Invest Millions Into Elon Musk's Twitter Deal

Finance

u.today 10 October 2022 22:00, UTC
  
Reading time: ~2 m

Changpeng Zhao, the CEO of the world's largest crypto exchange by trading volume Binance, has reiterated to Bloomberg that investing in Elon Musk's bid to buy Twitter is one of the exchange's top priorities this year.  

Binance had previously been named as one of the financiers of the Tesla and SpaceX CEO's around $44 billion bid to take Twitter private. Bloomberg notes that Binance is billed to provide up to $500 million in financing for Musk. 

Meanwhile, Zhao — who is also known online as CZ — added to Bloomberg that Binance is looking to invest more than $1 billion in mergers and acquisitions this year. Another high-profile deal the company has lined up is a possible $200 million investment in media company Forbes. 

Binance has already committed $325 million to 67 projects so far in 2022. The amount surpasses the $140 million the company shelled out for 73 projects in 2021. 

Musk's plans for Twitter exciting to crypto market participants  

CZ was not the only crypto bigwig to indicate an interest in joining Musk's Twitter bid. Sam Bankman-Fried, the CEO and co-founder of crypto exchange FTX, was recently revealed to have contacted Musk to participate in the deal as a financier. 

Musk's bid to purchase Twitter, while he is currently stuck in a court battle, has been the subject of a lot of speculation in the crypto market. One reason for this is a recent tweet from Musk where he said he would consider adding crypto payments to the micro-blogging platform after completing the purchase. 

Similarly, the price of Dogecoin (DOGE) spiked significantly with whales also moving massive amounts of the token on-chain following news that Musk had resumed proceedings to buy Twitter.


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