Binance Confirms $500M Investment in Musk's Twitter Takeover

Binance confirmed on Friday that it was as an equity investor in billionaire technology entrepreneur Elon Musk's takeover of microblogging service Twitter (TWTR).

"We're excited to be able to help Elon realize a new vision for Twitter,” Binance founder Changpeng "CZ" Zhao, said in an e-mailed statement. “We aim to play a role in bringing social media and Web3 together in order to broaden the use and adoption of crypto and blockchain technology."

CZ said in a tweet that Binance had wired some $500 million as part of the deal two days ago. He explained that "Our intern says we wired the 500$ million 2 days ago, probably just as I was being asked about Elon/Twitter".

In May, CZ referred to the $500 million commitment as "a small contribution to the cause" in a tweet after news of the takeover first emerged. CZ added at the time that a priority should be to reduce spam and scams on the platform.

"Our initial commitment remains the same and we look forward to exploring opportunities to grow the partnership in the future," a Binance spokesperson said.