Changpeng Zhao, CEO of Binance, the world’s largest cryptocurrency exchange by trading volume, made statements about Twitter. Dogecoin (DOGE) fan reiterated that their investment in Elon Musk’s bid to buy Twitter has been one of the exchange’s top priorities this year. Here are the details…
Binance backs Musk’s Twitter investment
As we reported on cryptokoin.com, Binance was previously named as one of the financiers of Musk’s nearly $44 billion bid to make Twitter private. Bloomberg states that Binance is about to raise up to $500 million in financing for Musk. Also known as CZ, Zhao added to Bloomberg that Binance is looking to invest more than $1 billion in mergers and acquisitions this year.
Another high-profile deal in the company’s focus is a possible $200 million investment in media company Forbes. Binance has poured $325 million into 67 projects so far in 2022. The amount exceeds the $140 million that the company spent on 73 projects in 2021. CZ wasn’t the only cryptocurrency expert to have expressed interest in joining Musk’s Twitter bid. It turns out that Sam Bankman-Fried, CEO and co-founder of crypto exchange FTX, recently contacted Musk to join the deal as a financier.
Musk’s bid to buy Twitter is currently grappling with a court case. However, this situation has been the subject of a lot of speculation in the crypto market in general. One reason for this is a tweet by Musk that he will add cryptocurrencies to the platform as a payment method after completing the purchase. Similarly, the price of Dogecoin (DOGE) was also affected. It became the focus of whales after the news that Musk restarted operations to buy Twitter. It rose significantly as major investors moved the token.
What happened in DOGE fan Musk’s Twitter deal
At the beginning of October, Musk reportedly made a U-turn. Musk stated to the Delaware Chancery Court on Oct. If the deal goes through, the acquisition will be for an initially agreed upon $54.20 per share, for a total of $44 billion.
By the way, there are companies that support this agreement besides Binance. Sequoia Capital, for example, has a history of supporting Musk’s efforts as it is an early-stage investor in PayPal, the payments platform he co-founded, which sold for $1.5 billion in 2002. The firm also spearheaded a $675 million funding round for Musk’s Boring Company in April.
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