Crypto CEO says Elon Musk has no plan for Twitter, and reveals why he wrote him a $500 million 'blank check' – Yahoo Finance

Crypto CEO says Elon Musk has no plan for Twitter, and reveals why he wrote him a $500 million 'blank check' – Yahoo Finance

Blockchain Crypto Market Technology
May 7, 2022 by Coinvasity
24
Elon Musk is taking Twitter private with the help of investors.Binance, the cryptocurrency exchange, invested $500 million.Binance's CEO called the sum a "blank check," and said he didn't discuss a business plan with Musk.Binance, the world's largest cryptocurrency exchange, is investing $500 million as part of Elon Musk's deal to take Twitter private.That sum is
wp-header-logo-99.png

Elon Musk is taking Twitter private with the help of investors.
Binance, the cryptocurrency exchange, invested $500 million.
Binance's CEO called the sum a "blank check," and said he didn't discuss a business plan with Musk.
Binance, the world's largest cryptocurrency exchange, is investing $500 million as part of Elon Musk's deal to take Twitter private.
That sum is simply a blank check, CEO Changpeng Zhao told the Financial Times on Thursday. Zhao quickly decided to dedicate half a billion dollars to the deal without hearing so much as a business plan from Musk, he said.
"We, from our friends, heard that [Musk] was looking for third party investors, and are we interested?," he recounted to the British newspaper. "We immediately said that we are. He didn't have a plan for Twitter. There isn't, like, a business plan. 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 especially excited about the potential of a cryptocurrency tie-in with Twitter.
"It's more of a blank check," Zhao told the outlet. "After the investment … Elon will figure out what he wants to do, and we'll be supportive of that."
While Musk has voiced a few options for changes at Twitter, including charging government and business users, eliminating bot accounts, and loosening content moderation (Musk calls himself a "free speech absolutist"), there's been little overarching strategy laid out publicly.
Although Musk said he doesn't care about the economics of Twitter during an interview at a TED conference in April, Bloomberg reported that he pitched various strategies for shoring up the social network's finances in meetings with bankers. According to The New York Times, Musk told potential investors they could double or triple their money and that he could grow Twitter's userbase to 500 million in short order.
Joining Musk on his go-private bid are 18 backers, including Oracle co-founder Larry Ellison, venture capital firm Sequoia Capital, and Fidelity, who collectively invested some $7.1 billion, regulatory filings revealed on Thursday.
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 his own cash. The new investors will allow Musk to borrow less from banks, Musk told the Securities and Exchange Commission.
Read the original article on Business Insider
Related Quotes
Rick Ross has some questions for crypto-millionaires.
Let’s begin with April’s employment numbers and then later bring up why, we believe, the Fed wrongly uses this data to carry out its current monetary policy. First, we saw another solid increase in payrolls last month, with employers adding an additional 428,000 workers. Such hiring has now been averaging nearly 519,000 a month since the start of the year–––this despite the fact labor productivity itself has collapsed in this first quarter by the most since 1947.
As fewer borrowers can afford to finance the purchase of a new house, record-high appreciation in the housing market is expected to slow.
"He hires a guy born in Mississippi, raised in Michigan, who stutters. And that’s the voice."View Entire Post ›
If Justin Gaethje becomes lightweight champion at UFC 274, he would gladly welcome a fight with Conor McGregor.
Company executives have little confidence that the stock market will return to all-time highs any time soon. It’s therefore not particularly surprising that the stock market Thursday gave back — and more — its huge rally from the day before. In April, insiders aggressively picked up the pace of selling.
Why increasing your savings matters more than maximizing your returns — and other stock-market lessons Brian Feroldi learned the hard way.
Former Secretary of State Mike Pompeo raised concerns about the ties Mehmet Oz, former President Trump’s endorsed candidate in the Pennsylvania Senate race, has to Turkey in a press briefing arranged by Oz’s chief opponent in the race. Pompeo, who’s supporting Oz’s rival, Dave McCormick, in the Keystone State, held the briefing the same day…
Speaking at the Hialeah National Day of Prayer Breakfast, Governor Ron DeSantis (R-FL) declared that “our rights come from God and not from government.” Despite his position on individual liberties, DeSantis recently signed an anti-choice measure that bans abortion after 15 weeks of pregnancy in Florida into law. The draft indicated that the Court was leaning towards overturning the 1973 landmark court case that established a woman’s constitutional right to choose to have an abortion.
The FTC declined to comment, while Musk could not be reached for comment. The agency will decide in the next month whether it will do an in-depth antitrust probe of the proposed transaction, the person told Bloomberg. Antitrust experts have said there is little likelihood the agency will find any evidence that Musk's purchase of Twitter is illegal under antitrust law.
After calling out DaBaby for collaborating with YoungBoy Never Broke Again, rapper Calboy further dissed the 'Blame It on Baby' artist in a new interview.
The billionaire has received $7.1 billion from supporters
Draymond Green had a simple mantra for the Grizzlies-Warriors playoff series 'Somebody wants smoke, you got to want smoke or you lose'
A Mexican journalist was found dead in the northwestern state of Sinaloa on Thursday, authorities said, marking the ninth death of a media worker in a unprecedentedly bloody year for the country which has drawn international scrutiny. Luis Enrique Ramirez, a veteran journalist and columnist at El Debate, was found dead on the side of a highway, the state's attorney general said on Twitter. Ramirez was a recognized figure in Sinaloa and beyond, having worked at some of the country's largest papers across a 40-year career, according to El Debate.
The soon to be former marketing director will instead focus on a personal consulting gig.
Even Sam Raimi can't save the Doctor Strange sequel from becoming superhero soup. Here's our review of the 28th Marvel Cinematic universe film.
Pages from Col. Kevin Reeves’ journals were released in response to a subpoena from a legislative committee looking into a possible cover-up.
While some investors are already well versed in financial metrics (hat tip), this article is for those who would like…
Doctor Strange in the Multiverse of Madness stars Benedict Cumberbatch, Elizabeth Olsen, Xochitl Gomez, Benedict Wong and Rachel McAdams, as well as director Sam Raimi, weigh in on the movie's multiverse complications, and tell us whether they really understand what's going on with Marvel's multiverse.
One simple way to benefit from the stock market is to buy an index fund. But many of us dare to dream of bigger…

source

Add a comment