Binance CEO CZ invests US$500M to back Musk’s Twitter acquisition
Binance CEO Changpeng ‘CZ’, confirmed a US$ 500 million equity investment to back Elon Musk’s Twitter acquisition via a tweet.
CZ described the investment as ‘a small contribution’ to support Musk’s vision for Twitter.
Following the investment, Binance also announced it is forming an internal blockchain team to focus on brainstorming plans that could help Musk realize his Twitter vision.
Musk sealed the deal for the $44 billion acquisition of Twitter Inc on Oct. 27 after a months-long legal process.
Throughout the acquisition process, Musk alleged issues surrounding the prevalence of fake and spam accounts, or bots as well as censorship of certain political views on the platform.
For example, verified accounts with a blue tick, including Ethereum founder Vitalik Buterin and CZ’s accounts were hacked recently. The two were impersonated by bots to promote fake crypto giveaway scams to misled investors into handing over their funds.
Musk has called out the issue on Twitter on behalf of CZ.
Musk’s vision for Twitter
Musk announced that his acquisition of Twitter is ‘essential to the future of civilization’ a day before sealing the deal via a tweet.
In the same tweet, his vision is to shape Twitter as the most respected advertising platform in the world,” free from low-relevancy advertisements, as well as bots. He also envisions Twitter to be filled with advertising that strengthens brands and grows enterprises.
In June, Musk held his first meeting with Twitter employees on post-acquisition plans for the platform. He mentioned the integration of cryptocurrency payments because ‘money is fundamentally digital at this point, and has been for a while.’
In addition, he plans to make Twitter’s anti-bot algorithms available for public review as well as an optional paid-tier service for Twitter users to prove their identity.