Binance CEO To Stick To $500M Backing Of Elon Musk’s Twitter Deal

• Binance CEO will financially back Elon Musk’s Twitter purchase.
• Changpeng Zhao promised to put $500 million toward Musk’s Twitter bid.
• Musk plans to make Twitter more decentralized.

Leading cryptocurrency exchange, Binance’s CEO, Changpeng Zhao, recently said in an interview that Binance will probably stick by its $500 million financial backing promise to Elon Musk’s on-and-off bid to purchase Twitter.

When Zhao was asked if he still plans to stand by the Tesla founder, during the Future Investment Initiative conference in Riyadh, Saudi Arabia on October 25, he responded by saying, “I think so.”

Back in April 2022, when news of Twitter’s potential acquisition by Elon Musk made the headlines, the Binance CEO promised to partner with crypto-inclined financial companies including Fidelity Management and Sequoia Capital, and back the billionaire’s Twitter bid.

Musk, who has now offered a bid of $54.20 per Twitter share, had messaged cryptocurrency industry leaders privately at the beginning of the year with plans to make Twitter more “decentralized.”

Zhao stated that for Binance this is an opportunity to connect news and social media into web3.0 while clarifying that Musk will receive his support only when he sees through the deal and makes the purchase.

During an interview back in June 2022, Zhao made it clear, “If he’s off, we’re off.”

Coincidentally, Musk did almost drop the deal in July, claiming Twitter failed to provide him with adequate information about the spam bots’ prevalence on the social media platform. However, with rising legal pressure from Twitter to close the agreement, Elon Musk signed the original terms.