Binance sponsors Musk’s Twitter buyout

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Updated October 31, 2022 | Published October 31, 2022

2 mins read

The exchange is one of a number of key investors that will be brainstorming ideas and strategies about the social platform’s future.

Binance has helped billionaire Elon Musk complete his fraught takeover bid of Twitter.

The cryptocurrency exchange reportedly invested $500m to help the Tesla boss finalize the deal, leading to a cascading series of headlines, including the laying off of top Twitter executives hours after Musk took over.

Binance is standing as one of the key investors in the platform and Reuters believes it will help Musk “brainstorm strategies and plans”.

The entire deal has a price tag of $44bn and almost saw Musk back out of it at one point.

Binance is already working with a newly formed team, Reuters said, that is dedicated to exploring various on-chain solutions.

One of the functions of these teams would be to address a problem about which Musk complained repeatedly; the proliferation of bot (fake) accounts on the social media platform.

Musk himself has already mused that cryptocurrencies and crypto in general are central to Twitter’s future.

Musk’s decision to get rid of the existing management could be partially because of what he saw as failure to address the issue.

Meanwhile, under Twitter’s former CEO and co-founder, Jack Dorsey, the company already started to look for ways to introduce blockchain technology and make the social media platform a little closer to cryptocurrencies and digital assets.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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