Binance Invests $500M Towards Twitter Acquisition: CZ Says 'We Are Small Potatoes'

Even as Tesla Inc. TSLA CEO Elon Musk acquired social networking giant Twitter in a $44 billion deal, Binance co-founder and CEO Changpeng "CZ" Zhao announced on Friday the company “wired” $500 million towards the purchase, making the crypto exchange a stakeholder in the company.

“Our intern says we wired the $500 million 2 days ago, probably just as I was being asked about Elon/Twitter,” Zhao tweeted, suggesting that funds had been transferred towards the acquisition earlier this week.

Along with 18 other investors, including Sequoia Capital Fund, Fidelity Management and Research Company, Binance announced in May 2022 that it would be a co-investor in Twitter.

Binance Is 'Small Potatoes'

Replying to a user on the Twitter thread, who wrote "CZ" now owns part of Twitter, he said, “We are small potatoes, just a tiny bit.”

Responding to other comments, Zhao clarified that he was not personally involved in the transaction and quipped that he believed the transfer had been made using conventional banking methods rather than a blockchain or cryptocurrency transaction.

With a $500 million stake in Twitter, Binance ranked as the takeover's fourth-largest investor.

The Lawrence J. Ellison Revocable Trust contributed $1 billion to the Musk-led acquisition of the social media site, making it the largest contributor.

Also Read: Binance Is Among Top Vote-Holders In Uniswap DAO, Delegates More Than 13M UNI Tokens

Twitter Is No Longer A Publicly Traded Entity

Meanwhile, as part of the deal, Twitter has been taken private, resulting in the delisting of the company’s stock.

After being listed on the New York Stock Exchange in 2013, trading in Twitter shares has been suspended, according to the NYSE website.

eToro and Robinhood Markets Inc HOOD, two crypto-friendly trading platforms, delisted Twitter shares from their platforms as well.

Given that Musk discussed the concept of taking Twitter private long before, included it in the purchase and even declared his intention to take Tesla private in the past, the privatization of the social networking giant has not come as a surprise.

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Photo: Grey82 via Shutterstock