Chang Peng Zhao. Source: Screenshot from a video, Youtube/Entrepreneur MEChangpeng Zhao (CZ), CEO of the world's largest cryptocurrency exchange, said he may back Elon Musk's plan to buy Twitter for $44.000 billion while the US steps in to review the security of the deal.
Asked if he would honor his financial commitment to Musk, CZ replied, "I think so," during a speech in Riyadh, Saudi Arabia, at the kingdom's Future Investment Initiative conference on Tuesday.
As noted, Binance initially announced that the crypto exchange would commit €500 million towards Musk's Twitter deal. In the official announcement, CZ said that the crypto platform is “excited to help Elon realize his new vision for his Twitter.”
"We look forward to playing a role in bringing social media and Web3 closer together and expanding the use and adoption of crypto and blockchain technology," Binance's Changpeng Zhao said, suggesting that Binance could play a role in the potential transaction.
Earlier this month, a Delaware judge ruled that Musk and Twitter had until October 28 to close the deal. The decision came after Musk said on Twitter that he intended to go ahead with finalizing the deal at the originally agreed price, as the two sides were in the midst of an adversarial process preparing for the start of the trial on the 17th. October.
Musk first disclosed his intention to acquire Twitter for $54,20 per share in mid-April. After Twitter's board of directors agreed to the deal, the billionaire sought to rescind it, citing concerns about the prevalence of bots on the platform.
To finance the deal, Musk turned to a mix of debt and equity financing for the deal. The billionaire also sold billions of Tesla shares to fund the deal.
Biden administration could be subject to deal
Bloomberg reported last week that as the deal deadline nears, Biden administration officials are considering subjecting some of Musk's businesses to national security reviews, including the planned acquisition of Twitter.
Citing people familiar with the matter, the Bloomberg report said US officials had raised concerns about Musk's recent threat to stop providing Starlink satellite service to Ukraine "and what they see as his increasingly favorable position." to Russia after a series of tweets outlining peace proposals. favorable to President Vladimir Putin".
The report also claims that Washington is concerned about Musk's plans to buy the social media platform with a group of "foreign investors", which could include Prince Alwaleed bin Talal of Saudi Arabia, Binance and the ruler of Qatar.