Binance officially confirms its investment in Twitter

The exchange’s head Changpeng Zhao said that he is excited to help Elon Musk realize a new vision for the social network

28.10.2022 - 09:45

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What’s new? Binance CEO Changpeng Zhao has confirmed that his company invested $500 million in the deal to buy social network Twitter by billionaire Elon Musk, which took place on October 28. According to CoinDesk, Zhao said that his company was excited “to help Elon realize a new vision for Twitter.” The exchange’s head also added that Binance aims “to play a role in bringing social media and Web3 together in order to broaden the use and adoption of crypto and blockchain technology.”

CoinDesk’s material

What happened before? Binance’s plans to invest in Musk’s deal came to light back in May. That $500 million was accounted for in the billionaire’s report to the US Securities and Exchange Commission (SEC). In total, equity investors contributed $7,14 billion to the purchase of the social network. The Lawrence J. Ellison Revocable Trust wrote the largest check for $1 billion.

Immediately after the deal was completed, Twitter developers announced a new feature called NFT Tweet Tiles, which will allow non-fungible tokens to be bought, sold, and displayed directly through tweets. The social network already signed agreements with marketplaces Magic Eden, Rarible, Dapper Labs, and Jump.trade.

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