Last Updated on October 26, 2022 by Bitfinsider
The CEO of Binance Holdings Ltd. said he anticipates sticking with Elon Musk’s proposed $44 billion acquisition of Twitter Inc. despite possible worries from Washington regarding the bid’s support from foreign investors.
Changpeng Zhao responded, “I think so,” when asked if he would honor his financial agreement with Musk. On Tuesday, Zhao addressed at a symposium for the Saudi Arabian government’s Future Investment Initiative in Riyadh.
It was reported last week, citing people familiar with the situation, that Biden administration officials are debating whether the US should subject some of Elon Musk’s endeavors to national security investigations, including the deal for Twitter and SpaceX’s Starlink satellite network. The Twitter transaction must close by this Friday to avoid going back to court.
According to Gregory Lafitte, who oversees merger arbitrage trading at Tradition Securities and Futures, some US officials may be concerned about foreign investors backing Musk’s bid, including Qatar’s sovereign wealth fund, Prince Alwaleed bin Talal of Saudi Arabia, and Binance, a digital asset exchange founded and run by a Chinese national.
As part of its plan to bring social media and news websites into the web3 era, Binance claimed in May that it had committed $500 million to Musk’s proposed acquisition of Twitter.
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