Binance's CZ plans to stand by Musk's Twitter bid: Bloomberg

Quick Take

  • Changpeng Zhao, the CEO of Binance, said that he thinks he will stick with Musk’s Twitter takeover bid as Biden officials grow wary of foreign backing.
  • “I think so,” Zhao said at a conference Tuesday in Saudi Arabia.

Binance CEO Changpeng Zhao plans to honor his financial commitment to Elon Musk's takeover of Twitter even as the prospective deal faces a potential challenge from Washington, Bloomberg reported.

When asked during a conference Tuesday in Saudi Arabia whether he would stand by it, Zhao responded: "I think so."

Officials with the Biden administration are considering whether to subject the Twitter deal to national security reviews — along with some of Musk's other ventures — as Bloomberg reported last week.

Officials are reportedly concerned with the number of foreign investors that pledged funds.

Binance agreed to contribute $500 million to Musk's $44 billion bid. The crypto exchange is among dozens of investors that also include Qatar’s sovereign wealth fund, venture capital firm Sequoia and Fidelity.

Musk said this month that he still wanted to buy the social media platform, after backing out of the deal in July and being sued by Twitter.

Correction: This story has been updated to correct the amount Binance agreed to contribute to $500 million from $500,000. 

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