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Crypto CEO Says Elon Musk Has No Plans for Twitter, and Reveals Why He Wrote Him a $500 Million 'Blank Check'

 




Elon Musk is taking Twitter private with the help of investors.

Cryptocurrency exchange, Binance made an investment of $500 million.

The world's largest cryptocurrency exchange, Binance, is investing $500 million as part of Elon Musk's deal to take Twitter private.


The amount is just a blank cheque, CEO Changpeng Zhao told the Financial Times on Thursday. He said Zhao soon decided to devote half a billion dollars to the deal without hearing about a business plan from Musk.


“We heard, from our friends, that [Musk] was looking for third-party investors, and are we interested?” He told the British newspaper. "We immediately said we were. They didn't have any plans for Twitter. No business plans. So it wasn't that type of discussion."


Zhao told the Financial Times that Binance will support Musk however he chooses to use the funds and is particularly excited about the potential for the cryptocurrency tie-in with Twitter.


"It's like a blank check," Zhao told the outlet. "After the investment... Elon will figure out what he wants to do, and we'll support him."


While Musk has voiced some options for change on Twitter, including charging the government and business users, terminating bot accounts and loosening content moderation (Musk calls himself a "free speech absolutist"), Very few comprehensive strategies have been made publicly.


Although Musk said he doesn't care about Twitter's economics during an interview at a TED conference in April, Bloomberg reported that he introduced various strategies for growing the social network's finances in meetings with bankers. According to The New York Times, Musk told potential investors he could double or triple his money and that he could grow Twitter's userbase to 500 million in short order.


Joining Musk in his go-private bid are 18 backers, including Oracle co-founder Larry Ellison, venture capital firm Sequoia Capital and Fidelity, which collectively invested some $7.1 billion, according to a regulatory filing Thursday. got to know.


Musk previously said he secured the $44 billion needed to buy Twitter through loans from seven banks, a loan against his stake in Tesla, and cash of his own. Musk told the Securities and Exchange Commission that the new investors would allow Musk to borrow less from banks.


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