Binance Plans To Invest $500 Million Alongside Elon Musk in Twitter Buyout

Twitter has been in talks with potential buyers since CEO Jack Dorsey returned as interim chairman in July. One of the companies that has been in talks with Twitter is Binance, a cryptocurrency exchange that is the world’s largest. on Thursday, Binance confirmed that it had committed $500 million to an initial fund that will be used to acquire a majority stake in Twitter alongside Elon Musk’s buyout of the social media service.
Filings with the U.S. Securities and Exchange Commission show Binance is among a consortium of 18 other investors that includes venture capital firm Sequoia Capital and investment firm Fidelity.
“We’re excited to be able to help Elon realize a new vision for Twitter,” Changpeng Zhao, Binance’s CEO said.
“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.”

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