• Mon. Jan 30th, 2023

Binance CEO On Why Crypto Exchange Invested $500M In Elon Musk’s Twitter Buyout – Bitcoin (BTC/USD)

ByShivdeep Dhaliwal

Nov 1, 2022
Binance CEO On Why Crypto Exchange Invested $500M In Elon Musk's Twitter Buyout - Bitcoin (BTC/USD)

Binance Chief Executive Officer Changpeng Zhao has shared the reason for his company’s participation in the funding of Tesla Inc TSLA CEO Elon Musk’s $44 billion takeover of Twitter.

What Happened: Zhao, also known as CZ, said one of the reasons why he supported Musk’s purchase of Twitter was because “we want to be extremely supportive of free speech,” reported Reuters.

The cryptocurrency entrepreneur reportedly said at Web Summit — the largest technology conference in Europe — that Twitter is “where people express their opinions.”

“It is an important free speech platform – that’s the number one reason,” said Zhao, according to Reuters.

See Also: Four Best Binance Alternatives For 2022

Why It Matters: The Binance CEO is an active Twitter user with over 7.2 million followers.

Zhao revealed last week that Binance, the largest spot cryptocurrency exchange in the world, invested $500 million towards the acquisition of Twitter.

At the time, Zhao revealed the transaction was done through traditional banking methods rather than a cryptocurrency like Bitcoin BTC/USD

On Binance’s ownership of Twitter, Zhao had said, “We are small potatoes.”

Binance rival FTX’s CEO Sam Bankman-Fried, meanwhile, is reportedly looking to cash out of Twitter.

Read Next: Musk Reacts To Questions Over Trump’s Return On Twitter As Mexico President Urges To ‘Repair Damage’

Photo courtesy: Web Summit on Flickr

Image and article originally from www.benzinga.com. Read the original article here.