Binance founder CZ confirms $500M equity investment to back Musk’s Twitter deal

Binance Founder Changpeng ‘CZ’ Zhao Confirmed $500 million equity investment in Elon Musk’s acquisition of Twitter Inc.;

CZ described the investment as a move to build a bridge between social media and web3, facilitating broader adoption of cryptocurrencies and blockchain technology. He also said the investment was a “small contribution” for Musk to realize his new vision for Twitter.

binance first announced A $500 commitment to support the May acquisition. May 5, 2022.

Musk finalized its $44 billion acquisition of Twitter Inc on October 27. This comes a day before the deadline for a court order that would otherwise cause Chancery Court in Delaware to reopen his case in November.

Musk’s vision for Twitter

The day before signing a contract, a millionaire announced He bought Twitter because Twitter is integral to the future of civilization through tweets. He expressed his concerns about social media censorship and his motivation to foster dialogue as a way to bridge political divisions through takeovers.

Musk wants to shape Twitter as “the world’s most respected advertising platform,” eliminating irrelevant ads and fake or spam accounts typically run by bots. He believes platforms will replace advertising that strengthens brands and grows businesses.

Musk estimates that 20% of Twitter accounts are bots, while the two companies he hired to solve the problem (Cyabra and CounterAction) estimate their share to be 11% and 5.3% respectively. I’m here.

Bots have emerged as a problem among crypto influencer accounts, and even verified accounts with blue ticks are not immune to bots. Vitalik Buterin and his CZ accounts have been hacked, facilitating a cryptocurrency fake giveaway scam to gain access to investors’ cryptocurrency wallets.

In June, Musk held his first meeting with Twitter employees to discuss plans for the post-acquisition platform. He highlighted plans to make Twitter’s Anti-Bot his algorithm accessible for public review, as well as plans to add an optional paid service for identity verification. He also confirmed that cryptocurrency payments will be integrated into Twitter, stating:

At the moment, money is basically digital.

Others who support Mr. Musk’s vision

In addition to backing from Binance, Musk’s acquisition is currently being funded by Saudi Arabia’s Prince Alwaleed Bin Talal, Qatar’s Sovereign Wealth Fund, Lawerence J. Ellison Revocable Trust, Sequoia Capital Fund, Vy Capital, Andreessen Horowitz, Aliya Capital Partners and Fidelity Management. and Research. company, etc.