Here is what all you need to know about it why Binance put $500 Million into Elon Musk Twitter Deal
Binance, the world’s largest cryptocurrency exchange, contributed $500 million to Elon Musk’s multibillion-dollar acquisition of Twitter. With Musk at the helm, CEO Changpeng Zhao (CZ) believes the social media platform will eliminate many problems, such as spam comments and scam accounts.
Twitter Should Benefit from the New Regulation
Elon Musk, the world’s richest man, officially acquired Twitter last week for the original bid of $44 billion after lengthy discussions and drama between the two sides. Binance, Fidelity, and Sequoia Capital, among other prominent cryptocurrency companies, backed the deal with hundreds of millions of dollars. CZ recently argued in an interview that Twitter will become a much better platform, giving crypto a seat at the table when it comes to free speech. Being in charge of such a company is not easy, but Elon Musk has demonstrated that he can handle the pressure, according to the executive. Twitter, according to the Chinese, has numerous problems, including bots that spam comments, scammer accounts, and, in general, “it has not been run well:” Nonetheless, the platform has “huge value in and of itself,” and “we’re very confident” with Musk on top of it, CZ concluded.
Musk’s Twitter Plans
When Tesla took over the company, its CEO fired several top Twitter executives, including Parag Agrawal, Ned Segal, and Vijaya Gadde. He also promised to address the platform’s issue with fake accounts by encouraging users to pay for verification. Musk recently stated his intention to turn Twitter into an “everything app,” where users can message each other, make peer-to-peer payments, shop online, and even call a taxi. Given his support for the first meme coin, Dogecoin, some speculated that the token would play an important role in Twitter’s future development. After all, two of Musk’s most prominent companies, Tesla and SpaceX, accept DOGE as payment. Since the completion of the Twitter acquisition, meme coin has been one of the top performers. It was trading at around $0.07 on the day of the transaction, and it is now trading at around 0.15, a whopping 115% increase.