Binance confirms equity investment in Musk's Twitter acquisition deal

Asian Tech Press (Oct 28) -- Binance confirmed equity investment in Musk's $44 billion deal to buy Twitter.

Binance, one of the world's largest cryptocurrency exchanges, confirmed Friday that it is an equity investor in Tesla CEO Elon Musk's $44 billion acquisition of Twitter.

In the statement, Binance quoted co-founder Changpeng Zhao as saying its goal is to contribute to the convergence of social media and Web3, in a bid to expand the adoption and acceptance of crypto and blockchain technology.

The cryptocurrency exchange said in May it had committed $500 million to the deal, with a strategy to bring social media and news sites into the Web3 world.

A Binance spokesperson said Friday that the company's commitment is intact, and mentioned the possibility of a broader partnership.

Musk closed a deal to take Twitter private for $44 billion on Thursday, and has taken charge of the social platform.

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