Binance’s Changpeng Zhao Says He Will Continue To Back Musk’s Twitter Buyout Deal: Bloomberg

Ethereum World News
Ethereum World News October 25, 2022
Updated 2022/10/25 at 6:47 PM
3 Min Read
  • Binance CEO Changpeng Zhao will stay committed to his financial offer backing Musk’s Twitter buyout deal.
  • Binance had earlier announced it would commit $500 million to Musk’s Twitter bid offer.

Per a Bloomberg report, Binance’s CEO, Changpeng Zhao, has stated that he will continue to back Musk’s $44 billion Twitter buyout deal amidst “rising concerns from Washington about foreign investors supporting the bid offer.”

Binance’s CEO, CZ, Has Committed $500 Million To Musk’s Twitter Deal.

The CEO of leading cryptocurrency exchange Binance, Changpeng Zhao, has said that he will continue supporting Musk’s Twitter buyout deal.

While attending the Kingdom’s Future Investment Initiative Conference in Riyadh, Saudi Arabia, Zhao was asked whether he would stand true to his financial commitment made to Musk concerning his Twitter bid offer, to which Zhao candidly responded, “I think so.”

The Bloomberg report further outlines how Biden administration officials are currently holding discussions on whether the US should intervene and subject some of Musk’s ventures, including Starlink and his Twitter deal, to national security reviews.

Per the report, some US officials are especially concerned about the array of foreign investors that are backing Musk’s Twitter deal at the moment. As stated by Gregory Lafitte, head of merger arbitrage trading at Tradition Securities and Future, Musk’s bid offer is currently backed by Prince Alwaleed Bin Talal of Saudi Arabia, Binance’s CEO Changpeng Zhao, and Qatar’s sovereign wealth fund.

Binance’s CZ had earlier announced his decision to commit $500 million to Musk’s Twitter deal. The official announcement was uploaded on Binance’s website, where CZ had made comments on how the company is “excited to help Elon realise his new vision for Twitter.”

“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.” Binance’s Changpeng Zhao

South Korea’s Mirae Asset Group May Commit 300 Billion Won To Musk’s Twitter Bid: Reuters

South Korea’s Mirae Asset Group has joined the Twitter bid race and is planning to commit $208 million to Musk’s bid offer, a person familiar with the matter told Reuters.

Mirae Asset is known to have forged several entrepreneurial ties with Tesla’s CEO, Elon Musk, including investing in Musk’s rocket and satellite company, SpaceX.

Per the new report, the offer with Mirae will reportedly be finalised in the next few days before the closing of the Twitter bid deal this Friday, October 28.

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