By Larry Wright
CZ, CEO of Binance cryptocurrency exchange, recently revealed that the global crypto organization has pitched in the recent Musk Twitter acquisition. The $44 billion acquisition of Twitter that the Tesla CEO has finally completed is said to have several major financial corporation backing.
Binance CEO recently tweeted that the company has invested around $500 million in the Twitter acquisition process, making it the fourth largest contributor.
In addition to Binance, 19 other financial organizations such as Morgan Stanley, Qatar Holdings, Prince Alwaleed bin Talal, Bank of America, Mitsubishi UFJ, Mizuho, Barclays, Societe Generale, Fidelity Management, Sequoia Capital Fund, BNP Paribas, and Lawrence J. Ellison Trust have contributed at different magnitude. In exchange for their contributions, these companies have earned ownership stakes in Twitter.
Binance CEO Talks About the Upcoming Changes in Twitter
Binance CEO interjected in a new tweet that Twitter will now transform into a safer place, and he also shared some personal suggestions about the Edit button and removing all APIs and bot comments.
His statement is a reiteration of Musk’s statement about removing all scam and spam bots from Twitter in addition to those that have been involved in insinuating cryptocurrency fraud on Twitter.
CZ has also claimed that the contribution of Binance is comparatively conservative in comparison to big players like Morgan Stanley, which alone has contributed around $3.5 billion to the deal.
Binance has also informed Twitter users that the cryptocurrency organization has investors $500 million in cash rather than investing in the form of cryptocurrencies or any other blockchain protocol services.
Since last year Twitter has not been doing so well as per its financial reports of the last quarter. The company has been dealing with losses, and it seems that the latest changes in management and ownership are going to make some visible changes.
Binance has plans to create a blockchain development team or become part of the decentralization initiative of Twitter. However, there are yet no precise confirmations about any blockchain-related changes for the social media platform.
Several news outlets have reported that Musk has fired the CEO and COO of Twitter and another executive staff of the social media platform is also up for a shift. Furthermore, the Twitter acquisition for Musk averaged $52.2 per share, totaling a massive $44 billion.
As per the contract of acquisition, Tesla’s CEO has decided to convert the company private, which means that the stocks would not be available on public exchange markets.