Binance Invests $500 Million USD In Elon Musk's Twitter Vision

Elon Musk‘s $44 billion USD bid to purchase Twitter has now attracted the attention and money from cryptocurrency companies and platforms. According to new reports, crypto giant Binance has decided to invest $500 million USD into Musk’s vision of a decentralized Web3 internet, which aligns with the company’s CEO Changpeng Zhao’s own aspirations.

The equity fund will form part of a $7 billion USD financing pledge from a range of firms including Oracle, which all seek to realize Web3 and integrate blockchain into more mainstream use. “We’re excited to be able to help Elon realize a new vision for Twitter,” Zhao told CNBC. “We hope to be able to play a role in bringing social media and Web3 together and broadening the use and adoption of crypto and blockchain technology.”

Aside from Binance and Oracle, Fidelity and Sequoia Capital are both also reportedly on board, with the former planning to invest $316 million USD while the latter has allocated a staggering $8o0 million USD. However, though Musk himself has been a big proponent of blockchain and cryptocurrencies, it’s still unclear at this point which direction he’ll take Twitter on.

Crypto-friendly companies investing in Twitter:

- Fidelity $316 million
- Binance $500 million
- Sequoia Capital $800 million

— Blockworks (@Blockworks_) May 5, 2022

In other related news, Musk has changed his Twitter profile picture to a collage of Bored Ape Yacht Club NFTs.