The CEO of Binance believes that he will support Musk’s Twitter bid’s financial backing

Published on:

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.

Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.