Binance Fulfills its $500 Million Pledge to Musk
- Binance has committed $500 million to help fund Elon Musk’s Twitter takeover.
- The exchange had the fourth-largest commitment among a dozen equity investors, including prominent venture capital funds like Sequoia Capital Fund, Fidelity Management, and Research Company.
- Binance founder Changpeng Zhao believes Twitter is the only way to ensure a truly decentralized social community.
Investments have remained an activity within the crypto space, creating bonds and strategic relationships toward a particular goal. The crypto exchange, Binance, announced support for Elon Musk’s ambition to purchase Twitter a few months ago. With the deal now completed and Musk at the helm of Twitter, Binance CEO Changpeng Zhao confirmed that the firm wired its promised investment of $500 million to Musk.
Decentralization has been the core of crypto and Binance founder, CZ, believes Musk’s takeover is the only way to guarantee true decentralization. Under its previous leadership, Twitter was criticized for its policies that appeared to have hindered free speech and supported a single narrative.
Musk, who is also a crypto enthusiast, revealed in a recent note that he plans to make Twitter a community of dialogue, ensuring that different thought patterns are represented. However, the 51-year-old quickly stated that some actions would not go unpunished.
Hours before the purchase, Musk declared that he did not purchase Twitter for money. Instead, the Tesla boss wrote in a captivating tweet, “I did it to try to help humanity, whom I love.”
Top executives and investors are coming out in their numbers to show their support for Musk’s latest acquisition. American stockbroker Peter Schiff said he was glad about the deal, adding that Musk might have overpaid for the company.
CZ voiced his satisfaction at seeing Musk at the head of Twitter. The Asian billionaire said he felt more secure about his Twitter account with the Tesla boss in charge.
Musk enjoyed firm support from companies in different sectors after he announced his plans to become the next Twitter boss. Reliable sources confirmed that more than 15 investors signaled interest in backing Musk in the deal. Some of the big names on the list include Sequoia Capital Fund, Fidelity Management, and Research. All these companies seem thrilled by the concept of decentralization.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
