Elon Musk Finalizes Twitter Deal – Binance Acquires Stake
After months of various interesting developments, lawsuits, and verbal accusations Elon Musk now officially owns Twitter.
The multi-billionaire closed a $44 billion deal to buy the social media company. He also began his ‘purge’ as at least four senior Twitter executives were fired on Thursday, including the CEO and CFO.
The eccentric entrepreneur, who describes himself as a “free speech absolutist”, said he wanted to make the social media platform a freer place for all types of commentary and that he would “lift the permanent ban” on former US President Donald Trump’s access to the service.
Binance acquires stake
Binance, the world’s largest cryptocurrency exchange, has confirmed it is an investor in the deal.
Binance first revealed its plans to back the acquisition in a filing with the Securities and Exchange Commission (SEC) in May this year, with the exchange’s CEO at the time describing the move as a “small contribution to the cause”.
“Our goal is to play a role in bringing together social media and Web3 to expand the use and adoption of crypto and blockchain technologies,” Binance said in a statement, as quoted by the company’s chief executive, Changpeng Zhao.
Earlier this week, CZ confirmed that Binance would stick to its previous promise to set aside $500 million for Musk’s bid to buy the social platform, stressing that the deal would provide an opportunity to help connect social media and news with Web3.
Late on Thursday, Zhao took to Twitter to announce that Binance had already transferred the said amount as part of the deal.
Our intern says we wired the $500 million 2 days ago, probably just as I was being asked about Elon/Twitter. https://t.co/gM65GHUnZC
— CZ 🔶 Binance (@cz_binance) October 28, 2022
Other investors in the acquisition
The main backers that helped Musk with the acquisition include Morgan Stanley, Bank of America, and Barclays, each of which provided at least $2.5 billion in debt financing for the deal, Forbes reported.
Other investors involved in the acquisition include Sequoia Capital, Qatar Investment Authority, and Fidelity Management & Research, among many others, according to CNBC.