Changpeng “CZ” Zhao intends to continue supporting Elon Musk’s attempt to acquire Twitter. The Tesla CEO initially offered financial support, and the CEO of Binance said on Tuesday that he believes he will stand by that offer.
In May, Binance announced that it would contribute $500 million to Musk’s acquisition of the social media platform for $44 billion. A number of other businesses and private investors, like Oracle founder Larry Ellison and venture capital firm Sequoia, joined the supplier of cryptocurrency exchange services.
And CZ has continued to provide financial support for the acquisition despite Musk’s recent statement that he now anticipates closing the deal by October 28.
When Binance initially proposed investing in the deal, the business claimed that it was a part of its strategy to support initiatives that would help move social media and news websites to web3.
In order to advance its web3 plan, Binance secured $500 million in a round supported by DST Global Partners and Breyer Capital, as well as a number of family offices, in June. Additionally, CZ disclosed earlier in October that Binance had committed to investing more than $1 billion in projects focused on NFTs, DeFi, and publishing by the year 2022.
The $500 million support for Musk’s purchase of Twitter was part of the $1 billion investment guide.
When asked if he would uphold his financial commitment to Musk during a speech on Tuesday at the Future Investment Initiative conference in Riyadh, Saudi Arabia, Zhao replied, “I suppose so.”
Bloomberg reported last week that the US security teams may look into Musk’s offer to purchase Twitter and his satellite internet business Starlink.
The world’s richest individual has until Friday to finalize the agreement with Twitter; else, the case will be remanded to the judge.
Musk said that some of the data provided by Twitter was inaccurate due to bot activity, delaying his efforts to acquire the social media business.
Musk initially threatened to back out of the agreement, but ultimately opted to move forward with the purchase, opening the door for Binance to implement a component of its web3 strategy. Publishing platforms, social media, and news websites are crucial for bringing masses into web3, according to CZ and Binance.