Changpeng Zhao (CZ), founder and chief executive officer (CEO) of leading cryptocurrency exchange Binance, said he would honor his financial commitment to support Elon Musk’s bid to take over Twitter even as the proposed deal faces a potential challenge from Washington.
Binance’s Changpeng Zhao Plans To Invest $500 Million Alongside Elon Musk In Twitter Buyout
In a recent Kingdom’s Future Investment Initiative Conference in Riyadh, Saudi Arabia on Tuesday, Binance’s Changpeng Zhao expressed his support for Elon Musk’s bid to acquire Twitter. CZ responded, “I think so.” as to a question about whether he will stand by his commitment to Musk. CZ will honor his financial commitment to invest $500 million per the official announcement uploaded on Binance’s website last May 2022. Binance aims to help bring social media and the web3 ecosystem together and broaden crypto and blockchain technology adoption.
Elon Musk Expecting To Finalize Purchase Of Twitter By Friday
The world’s richest person, Elon Musk, expects to complete the $44 billion purchase deal with the social media platform Twitter by Friday. During a video conference last Monday, Musk told the banks that he would close the transaction on Oct. 28. Musk is working with the banks to secure more than $13 billion in debt financing and finalizing a credit agreement to complete the purchase of Twitter.
US Officials Raise Concerns On Musk’s Twitter Deal
Musk is also facing pressure from federal regulators. The involvement of several foreign investors in Elon Musk’s plan to acquire Twitter raised concerns for Biden administration officials. Besides Changpeng Zhao, foreign investors include Saudi Prince Alwaleed Bin Talal, Qatar’s Sovereign Wealth Fund, and South Korea’s Mirae Asset Group. Mirae Asset is planning to commit $208 million to Musk’s bid offer. Foreign involvement in the deal may allow the Committee on Foreign Investment in the United States to examine it for potential national security risks.
