Binance to Invest $500 Million in Elon Musk Twitter Buyout

Binance to Invest 0 Million in Elon Musk Twitter Buyout

Binance to Invest $500 Million in Elon Musk Twitter Buyout

Changpeng ‘CZ’ Zhao, the outspoken CEO of major exchange Binance, has announced that his company plans to allocate more than $1 billion in acquisitions and investments in 2022. Binance’s main project in this space is to provide $500 million in funding for Elon Musk’s proposed acquisition of social media platform Twitter.

Earlier this year, a Delaware judge ruled that Musk and Twitter have until October 28 to finalize the deal, and Zhao’s testimony suggests that Binance could play a role in the potential transaction of total 67 projects in this one year, compared to $140 million in 2021, Bloomberg reported. This confirms Binance’s determination to continue its expansion trajectory in 2022 despite the ongoing downturn in the crypto market.

“We’ve been looking at many lenders over the past few months because that’s where all the problems lie,” Zhao said, adding that he was interested in “real products that people use.” The CEO said that despite the recent troubles in the crypto market, Binance has remained profitable. “NFTs are much more than just selling pictures of monkeys,” Zhao said, adding that he believes “this technology is here to stay” as it could be used for a variety of purposes, such as awarding university degrees and tickets.

The entrepreneur also said that the coming months are likely to pave the way for more consolidation within the crypto industry, as there is “a lot of opportunity” for mergers and acquisitions in the current market.

Other major plans by Binance include its planned $200 million strategic investment in the media company Forbes. The exchange is also interested in becoming an investor in gaming companies, according to Zhao.

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