Binance CEO Thinks He’ll Stand By Financial Backing Of Musk's Twitter Bid
Binance Holdings Ltd.’s chief executive officer said he thinks he will stick with Elon Musk’s proposed $44 billion buyout of Twitter Inc. amid potential concerns from Washington about foreign investors backing the bid.
(Bloomberg) -- Binance Holdings Ltd.’s chief executive officer said he thinks he will stick with Elon Musk’s proposed $44 billion buyout of Twitter Inc. amid potential concerns from Washington about foreign investors backing the bid.
“I think so,” Changpeng Zhao said when asked if he will stand by his financial commitment to Musk. Zhao spoke in Riyadh, Saudi Arabia, where he was attending the kingdom’s Future Investment Initiative conference on Tuesday.
Biden administration officials are discussing whether the US should subject some of Elon Musk’s ventures to national security reviews, including the deal for Twitter and SpaceX’s Starlink satellite network, Bloomberg reported last week, citing people familiar with the matter. The Twitter sale faces a Friday deadline for closing, or risks ending up back in court.
Some US officials may be concerned about foreign investors backing Musk’s bid, including Prince Alwaleed bin Talal of Saudi Arabia, Binance -- a digital-asset exchange founded and run by a Chinese native -- and Qatar’s sovereign wealth fund, said Gregory Lafitte, who heads merger arbitrage trading at Tradition Securities and Futures, in written comments last week.
Binance said in May it committed $500 million for Musk’s proposed takeover of Twitter as part of its strategy to bring social media and news sites into the world of web3.
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