Binance Likely To Stick To Its Promise to Provide $500 million for Elon Musk Twitter Bid

It is likely that Binance will stick to its promises to contribute $50 million towards Elon Musk’s on-again, off-again bid to buy Twitter for $54.20.

Promising to Back The Bid

Changpeng Zhao (CZ), Binance’s CEO,  was recently asked whether he was still standing with his fellow billionaire.

During Tuesday’s Future Investment Initiative conference in Riyadh, Saudi Arabia, he said, “I think so.”.

When the bid was announced in April, CZ promised to support it, joining other crypto-adjacent financial firms such as Fidelity Management and Sequoia Capital.

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Earlier this year, Musk communicated privately with other crypto moguls about how to make Twitter more “decentralized.”

According to CZ, it is a chance to join the social media and news worlds through Web3. However, he later explained that his support would only continue as long as Musk follows through. The Binance CEO said “If he’s off, we’re off,”  during an interview in June.

Musk’s Action Toward Twitter

The following month, Musk almost walked away from the agreement, complaining that Twitter had not provided him with enough information about spam bots.

After mounting legal pressure from Twitter, Musk ultimately agreed to the original terms, but it now needs to be closed by Friday or it may end up in court again.

Bloomberg reports that officials from the Biden administration are discussing whether some of Musk’s ventures should be reviewed based on national security concerns.

His Twitter buyout is being funded by multiple foreign investors, including Saudi Prince Alwaleed bin Talal, while Binance’s CEO is a native Chinese, but fiercely denies allegations that Binance is a Chinese company in a blog post last month.

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“If you look at companies like ours and FTX, Crypto.com, etc., you’ll find our organizations have very similar employee profiles. However, over the past two years, as we expanded into Europe and the Middle East and recruited a more senior leadership team, Binance’s executive team is now more heavily dominated by Europeans and Americans. Our broader employee base is even more globally distributed.” cited the Blogspot.

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