Elon Musk's high-profile takeover of Twitter was supported by Binance, according to Changpeng "CZ" Zhao, CEO of Binance.
On October 27, Musk reportedly closed the sale, and the new owner of the social media network apparently cleaned house as he led a few Twitter officials to the door.
Along with 18 other investors, including cryptocurrency investment companies Sequoia Capital Fund, Fidelity Management, and Research Company, Binance had said it will co-invest in Twitter in May 2022.
On October 28, Binance's founder acknowledged that the company had in fact placed money on the table as Musk completed his acquisition of Twitter. CZ used the newly acquired platform to formally declare that the business had sent the money earlier in the week.
Commenting on questions in the thread, CZ said that he was not involved in facilitating the transaction himself and joked that he thought the transaction had been processed through traditional banking means and not over a blockchain or cryptocurrency transaction.
Binance’s $500 million stake in Twitter makes it the fourth biggest contributor to the takeover. The Lawrence J. Ellison Revocable Trust invested $1 billion to make it the biggest contributor to the Musk-led acquisition of the social media platform.