Binance backs Elon Musk bid with eye on bringing Twitter to Web3
Binance Holdings has committed $500 million for Elon Musk’s proposed takeover of Twitter Inc. as part of its strategy to bring social media and news sites into the world of web3. “We’re excited to be able to help Elon realize a new vision for Twitter,” Changpeng Zhao, chief executive officer of Binance, said in a statement. “We hope to be able to play a role in bringing social media and web3 together and broadening the use and adoption of crypto and blockchain technology.” The deal was part of the $7.1 billion of new financing that Musk has secured for his proposed $44 billion takeovers of Twitter. Sequoia Capital Fund, Qatar Holding LLC, and Brookfield Asset Management are among the other backers in the package. Twitter is the main platform for online discourse by the crypto community.