{"id":26210,"date":"2022-05-06T11:33:39","date_gmt":"2022-05-06T15:33:39","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=26210"},"modified":"2022-05-06T11:33:45","modified_gmt":"2022-05-06T15:33:45","slug":"binance-ceo-reveals-why-he-invested-500-million","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/binance-ceo-reveals-why-he-invested-500-million\/","title":{"rendered":"Binance CEO Reveals Why He Invested $500 Million In Twitter"},"content":{"rendered":"\n
Binance put $500 million<\/a> towards the Twitter project. The money was described by Binance's CEO as a “blank check” and he said he didn't discuss a business plan with Musk<\/h5>\n\n\n\n
\"Binance
Binance CEO Reveals Why He Invested $500 Million In Twitter<\/figcaption><\/figure>\n\n\n\n

Binance CEO Says $500 Million Investment Is A Blank Check<\/h2>\n\n\n\n

Binance, a cryptocurrency exchange, put $500 million<\/a> towards the project. The money was described by Binance's CEO as a “blank check,” and he said he didn't discuss a business plan with Musk.<\/p>\n\n\n\n

As part of Elon Musk's arrangement to take Twitter private, Binance<\/a>, the world's largest cryptocurrency exchange, is spending $500 million.<\/p>\n\n\n\n

CEO Changpeng Zhao told the Financial Times\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> on Thursday that the amount is basically a blank check. Zhao made the decision to invest half a billion dollars in the purchase without even hearing Musk's business strategy, he added.<\/p>\n\n\n\n

“We, from our friends, heard that [Musk] was looking for third party investors, and are we interested?” he recounted to the British newspaper. “We immediately said that we are. He didn't have a plan for Twitter. There isn't, like, a business plan. So it wasn't that type of discussion.”<\/p>\n\n\n\n

According to the Financial Times, Zhao stated that Binance will back Musk regardless of how he uses the funds and that he is particularly thrilled about the possibility of a cryptocurrency tie-in with Twitter.<\/p>\n\n\n\n

“It's more of a blank check,” Zhao told the outlet. “After the investment…Elon will figure out what he wants to do, and we'll be supportive of that.”<\/p>\n\n\n\n

Elon Musk Also Cares About Twitter Economy<\/h2>\n\n\n\n

While Musk has mentioned a few alternatives for improvements to Twitter, such as taxing government and business users, removing bot accounts, and loosening content control (Musk calls himself a liberal free speech absolutist<\/a>), there hasn't been any public discussion of an overall plan.<\/p>\n\n\n\n

Despite Musk's claim at a TED conference in April that he doesn't care about Twitter's economics, Bloomberg claimed that he offered numerous tactics for bolstering the social network's finances in meetings with bankers. <\/p>\n\n\n\n

Musk informed potential investors that their money would be doubled or tripled and that he could quickly grow Twitter's user base to 500 million.<\/p>\n\n\n\n

According to regulatory documents released on Thursday, Musk has 18 backers, including Oracle co-founder Larry Ellison, venture capital company Sequoia Capital, and Fidelity, who have combined committed $7.1 billion.<\/p>\n\n\n\n

Musk previously stated that he obtained the $44 billion required to purchase Twitter using loans from seven banks, a loan against his Tesla stock, and his personal funds. <\/p>\n\n\n\n

Musk told the Securities and Exchange Commission<\/a> that the new investors will allow him to borrow less money from banks.<\/p>\n","protected":false},"excerpt":{"rendered":"

Binance put $500 million towards the Twitter project. The money was described by Binance’s CEO as a “blank check” and he said he didn’t discuss a business plan with Musk Binance CEO Says $500 Million Investment Is A Blank Check Binance, a cryptocurrency exchange, put $500 million towards the project. The money was described by […]<\/p>\n","protected":false},"author":29,"featured_media":14328,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5521,9591,5603,5554],"class_list":["post-26210","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance-2","tag-binance-ceo-2","tag-elon-musk-2","tag-twitter-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/11\/Binance-CEO-becomes-the-richest-person-of-Chinese-origin-with-total-assets-of-up-to-90-billion.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/26210","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=26210"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/26210\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/14328"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=26210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=26210"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=26210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}