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Binance Commits $500 Million For Elon Musk's Takeover Of Twitter

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As part of its aim to bring social media and news sites into ‘Web3’, Binance Holdings Ltd. has committed $500 million to Elon Musk's proposed buyout of Twitter Inc. The crypto exchange is among a dozen outside investors backing Elon Musk's $44 billion takeover of Twitter, according to a filing published on Thursday.

Binance CEO, Changpeng Zhao stated,

“We’re excited to be able to help Elon realise a 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 is forming an internal team to look into how blockchain can help Twitter and other social media platforms and has brought up BNB Chain (a blockchain that Binance helped to develop) to Musk and his team.


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