Changpeng Zhao confirms that he gave Elon Musk money to buy Twitter

Today, on October 28, cryptocurrency exchange Binance confirmed that it was an investor in the acquisition of Twitter by billionaire entrepreneur Elon Musk. «We're excited to help Elon realize Twitter’s new vision,» said Binance founder Changpeng Zhao, «We're committed to playing a significant role in bringing social media and Web3 together to expand the use and adoption of crypto and blockchain technology.»

Our intern says we wired the $ 500 million 2 days ago, probably just as I was being asked about Elon/Twitter. https://t.co/gM65GHUnZC

— CZ? Binance (@cz_binance) October 28, 2022

Changpeng Zhao said that two days ago, Binance transferred about $ 500 million as part of the deal. Twitter has not yet commented on this at all. Back in May, after the news of the acquisition broke, the head of the largest cryptocurrency exchange called the $ 500 million investment commitment a «small contribution to Musk’s business.» At the time, Zhao added that he and Musk would share a common goal of reducing spam and fraud on the social network.

According to Zhao, earlier this year, the exchange has already allocated $ 325 million to 67 projects in need of support. Binance also invested another $ 200 million in Forbes. «We have been approached by many lenders in recent months. Some of them just take the money and give it to someone else. There is no intrinsic value in this. What is there to buy then? We want to see real products that people will use ,» emphasized Changpeng Zhao. In late June, the Binance CEO said that the exchange would not help unsuccessful projects, but would make every effort to support promising platforms.