Binance Confirms Equity Investment In Musk’s Acquisition, Dogecoin Stimulated Over Deal
Dogecoin has traded up 35% since Monday following news that Elon Musk has completed the deal to buy social media giant Twitter. Doge jumped 10% after Tesla’s CEO changed his Twitter bio to read “Chief of Twit” on Wednesday.
After a month long fight between Musk and Twitter over the sale, Musk closed the deal on Friday. According to the CNBC report, Tesla CEO Elon Musk is now responsible for social media and online news platform Twitter in a $44 billion deal.
Musk also decided to lay off the major managers, including CEO Parag Agrawal and CFO Ned Segal. Based on the announcement, Twitter CEO Parag Agarwal and CFO Ned Segal have left the company’s headquarters in San Francisco. CNBC reporter David Faber shared a tweet that the executives “will not be coming back.”
Musk expressed his excitement at closing Twitter’s deal on Thursday — revealing his reason for buying the social networking platform in a tweet: “Did [bought Twitter] trying to help humanity, which I love. And I do so with humility, acknowledging that failure to pursue this goal, despite our best efforts, is a very real possibility.”
Faber expects more changes to be likely at Twitter as he believes Musk will lay off some of the company’s employees, as this number could be up to “three-quarters of employees.”
Meanwhile, Binance confirmed that the crypto exchange has invested in Musk’s Twitter deal, Bloomberg reported.
“We aim to play a role in bringing social media and Web3 together to expand the use and adoption of crypto and blockchain technology,” Binance said in a statement, citing Changpeng “CZ” Zhao, its billionaire co-founder.
The report, citing a Binance spokesperson, said on Friday “our initial commitment remains the same,” and flagged the possibility of expanding the partnership.
In May, Binance said it had committed $500 million to the acquisition as part of its strategy to bring social media and news sites into the web3 world. After a month, the crypto exchange has announced to raise $500 million in crypto funds to improve blockchain and Web3 adoption.
The crypto market is also stimulated by Musk’s agreement. Dogecoin has been in a steady decline for months, trading low on the market. But that changed on Monday this week when the value of the meme coin suddenly resurfaced, recovering 25% on the week and rising 16% on Wednesday. The price of doge has risen by 35% since the beginning of this week. At the time of writing, the price is down 2.64% and is now trading at $0.0745, according to CoinMarketCap.
Source: TradingView
Doge’s wave is far from a normal revival – it’s linked to Elon Musk’s takeover of Twitter, as the deadline for his purchase of the company approaches on Friday.
Musk has been the most visible and vocal supporter of the meme cryptocurrency, often influencing its price with his tweets and even endorsing it as a payment option on his Tesla merchandise store.
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