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Elon Musk Takes Over As New Twitter Chief, Binance Confirms Its Investment

source-logo  coinpedia.org 28 October 2022 04:20, UTC

Today, the world woke up with the news of Tesla CEO, Elon Musk completing his Twitter acquisition for $US44 billion. Immediately after gaining authority over the social media giant, the Tesla CEO expelled many top executives along with CEO Parag Agrawal.

Now, one of the largest crypto exchanges, Binance has confirmed to be an equity investor in the Elon Musk acquired Twitter deal. This was confirmed by Binance CEO, Changpeng Zhoa or CZ where he claimed that, “ We’re excited to be able to help Elon realize a new vision for Twitter. We aim to play a role in bringing social media and web3 together in order to broaden the use and adoption of crypto and blockchain technology.”

This statement comes after the deal was confirmed in the early hours today after it was delayed for months together. Initially in May the crypto exchange Binance was assured to invest $500 million in Twitter in the Elon Musk buyout.

Elon Musk – Chief Twit

On the other hand, the reason that Elon Musk gives for firing the top executives of Twitter is that earlier Twitter’s lead team had misled him in terms of spam accounts. Among the top officials who were terminated also include CEO Parag Agarwal, Ned Segal, a chief financial officer and Vijaya Gadde, chief of legal affairs and policy.

Furthermore, immediately after Twitter was acquired, Elon Musk posted a Tweet which said, the bird is free.

the bird is freed

— Elon Musk (@elonmusk) October 28, 2022

Just before the acquisition, there were concerns that Elon Musk would promote free speech which will see more online toxicity. However, later Elon Musk confirmed that Twitter should be warm and welcoming to all.

Prior to his acquisition, Elon Musk visited Twitter’s San Francisco headquarters and also changed his Twitter profile to Chief Twit. The main aim of Elon Musk is to reduce bot and spam accounts on Twitter, but he has not yet clarified how he is planning to achieve that and who will run the company.

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