Changpeng Zhao (CZ), CEO of the world’s largest crypto exchange, has said he might support Elon Musk in his planned $44 billion buyout of Twitter as the US reportedly weighs security review for the deal.
Binance CEO Changpeng Zhao (CZ) has said that he is still backing Elon Musk’s takeover of Twitter. In May 2022, Binance announced that it would invest $500 million in Musk’s bid to acquire Twitter. CZ has said that he believes Musk is the right person to lead Twitter and that he will help to make the platform a more open and free platform for speech.
CZ has also said that he is excited about the potential for Twitter to become a more decentralized platform. He believes that Musk’s vision for Twitter is aligned with Binance’s own vision for the future of the internet.
However, the Twitter deal has been mired in controversy. Musk has accused Twitter of failing to provide him with accurate information about the number of spam bots on the platform. He has also threatened to walk away from the deal if Twitter does not provide him with the information he is seeking.
It is still unclear whether the Twitter deal will go through. However, CZ has said that he is still confident in Musk and that he believes the deal will eventually be completed.
Here are some of the reasons why CZ is still backing Elon Musk’s takeover of Twitter:
- He believes that Musk is the right person to lead Twitter and that he will help to make the platform a more open and free platform for speech.
- He is excited about the potential for Twitter to become a more decentralized platform.
- He believes that Musk’s vision for Twitter is aligned with Binance’s own vision for the future of the internet.
Of course, there are also some risks associated with the Twitter deal. For example, if Musk does not complete the deal, it could damage Binance’s reputation. Additionally, if Musk does complete the deal, there is no guarantee that he will be able to achieve his goals for Twitter.
However, CZ believes that the potential benefits of the Twitter deal outweigh the risks. He is confident that Musk will be able to make Twitter a better platform for everyone.
When asked if he will keep his financial commitment to Musk, CZ said, “I think so,” while speaking in Riyadh, Saudi Arabia, during the kingdom’s Future Investment Initiative conference on Tuesday.
As reported, Binance initially announced that the crypto exchange will commit $500 million to Musk’s Twitter deal. In the official announcement, CZ said the crypto platform is “excited to help Elon realize his new vision for Twitter.”
“We hope to be able to play a role in bringing social media and web3 together and broadening the use and adoption of crypto and blockchain technology,” Binance’s Changpeng Zhao said, suggesting that Binance could play a role in the potential transaction.
Earlier this month, a Delaware judge ruled that Musk and Twitter have until October 28 to close the deal. The ruling came after Musk told Twitter that he aims to move forward with closing the deal at the originally agreed-upon price as the two sides were in the midst of a contentious litigation process preparing for trial to begin on October 17.
Musk first shared intentions to acquire Twitter for $54.20 per share in mid-April. After the Twitter board agreed to the deal, the billionaire sought to terminate the deal, citing concerns over the prevalence of bots on the platform.
To finance the deal, Musk has turned to a mix of debt and equity financing for the deal. The billionaire has also sold billions worth of Tesla shares to fund the deal.
Biden Administration Could Subject to the Deal
Bloomberg reported last week that as the deadline for the deal approaches the Biden administration officials are considering whether to subject some of Musk’s ventures to national security reviews, including the planned Twitter takeover.
Citing people familiar with the matter, the Bloomberg report said US officials have expressed concern over Musk’s recent threat to stop supplying the Starlink satellite service to Ukraine “and what they see as his increasingly Russia-friendly stance following a series of tweets that outlined peace proposals favorable to President Vladimir Putin.”
The report also claimed that Washington is concerned regarding Musk’s plans to buy the social media platform with a group of “foreign investors,” which might include Prince Alwaleed bin Talal of Saudi Arabia, Binance, and Qatar’s sovereign wealth fund.
Binance CEO Changpeng Zhao (CZ) has said that he is still backing Elon Musk’s takeover of Twitter. In an interview in June 2022, CZ said that he was “a little surprised” when he heard that Musk had agreed to acquire Twitter after all. However, he said that he was still supportive of Musk’s plans for the company.
CZ said that he believes Musk is the right person to lead Twitter because he is “a strong believer in free speech.” He also said that he believes Musk will make Twitter more open and accessible to users.
“We’re excited to be able to help Elon realize a new vision for Twitter,” CZ said. “We believe that Twitter has the potential to be a powerful force for good in the world, and we’re committed to helping Musk make that happen.”
It is worth noting that Binance is one of the investors in Musk’s $44 billion takeover of Twitter. The company has committed $500 million to the deal. So, it is in Binance’s interest to see Musk succeed in his takeover of Twitter.
However, CZ has said that his support for Musk is not based on financial considerations. He said that he is simply a fan of Musk’s vision for Twitter.
“We believe that Elon has the right vision for Twitter,” CZ said. “We believe that he can make Twitter a more open and accessible platform for free speech.”
It remains to be seen whether Musk will be able to achieve his goals for Twitter. However, CZ’s support is a sign that there are some people in the crypto industry who believe that Musk can make Twitter a better platform.