Binance Setor CEO IDR 7.7 Trillion For Support Elon Musk Twitter Acquisition

Binance CEO Changpeng CZ Zhao, helps Elon Musk Twitter acquire. (photo: @cz_binance)

JAKARTA - Binance CEO Changpeng CZ Zhao said his company is now following up with a commitment of US$500 million (Rp7.7 trillion) to support the takeover of Twitter by billionaire Elon Musk this week.

Musk reportedly sealed the deal on October 27 which made him the new owner of the social media platform, and immediately fired several Twitter executives, as a management cleaning effort.

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

Binance has also indicated that it will invest together on Twitter in May 2022, along with 18 other investors including cryptocurrency investment firms such as the Sequoia Capital Fund, Fidelity Management and Research Company.

The founder of Binance confirmed on October 28 that his company had indeed put his money on the table when Musk settled his holdings on Twitter. CZ went down to a newly owned platform to confirm that his company had transferred funds earlier this week.

"We transferred 500 million 2 days ago, maybe the same as I was asked about Elon/Twitter," CZ tweeted on his Twitter account.

Commenting on the threaded question, CZ said that he was not involved in facilitating the transaction itself and joked that he thought transactions had been processed through traditional banking methods and not through blockchain or cryptocurrency transactions.

Binance's $500 million holdings on Twitter made it the fourth-largest contributor to the takeover. Lawrence J. Ellison Revocable Trust invested $1 billion to make it the biggest contributor to Musk's acquisition of the social media platform.

Cointelegraph has contacted Binance to ensure better details of its Twitter investment, total share ownership, and other potential partnerships needed.