Elon Musk officially bought Twitter for 44 billion US dollars. The funds that Elon Musk used to buy microblogging did not come entirely from personal wallets. Some of them are loans from various banks.
In addition to receiving financial support from banks, the Twitter acquisition was also supported by the boss of the crypto exchange, Binance.
Binance CEO Changpeng Zhao was also involved in the closing process of Elon Musk’s Twitter acquisition. The crypto platform boss contributed as much as 500 million US dollars from the total Twitter acquisition transaction.
The reason for the investment was because Zhao stated that he was very supportive of free speech.
“The main thing is that we want to strongly support free speech,” said Zhao or better known as CZ at the opening of the European technology conference, Web Summit, in Lisbon, quoted from South China. Morning Post.
He also said that Twitter is a place for people to express their opinions. “This is an important free speech platform, that is the most important thing,” Zhao added.
Although contributing in terms of funds, it is not yet known how Zhao’s role in Twitter will be as a minority investor. Because so far Elon Musk is the sole ruler who fully controls the board and plays a major role in making major decisions on Twitter.
Binance said last week that it was building a team to work on ways to get blockchain and crypto to support Twitter. Zhao also stated that Binance will be a long-term Twitter investor.
“I’m a big Twitter user. I want to invest in products that are important to our business,” Zhao said.
Support the blue tick feature so it’s paid
Shortly after acquiring Twitter, Elon Musk rolled out a number of changes, from firing several executives to planning some new features.
Among the changes to Twitter made by Elon Musk is urging users of the blue ticked Twitter account to subscribe to Twitter Blue, the paid version of Twitter. In fact, Twitter Blue was originally optional for all Twitter users, including customers with blue ticks.
The CEO of Binance when asked about this plan actually expressed his support. But he couldn’t comment on other ideas Elon Musk might have for Twitter.
“Elon Musk is a very unpredictable person,” said Zhao.
Twitter Blue itself was first released in June 2021. The service that allows Twitter users to get premium features such as Edit Tweet, Undo Tweet, etc. is set at 4.99 US dollars.
According to internal sources quoted by The Verge, under Elon Musk’s instructions, the price of a Twitter Blue subscription will almost quadruple to 19.99 US dollars.
Later, accounts with blue ticks (verified accounts) will be given 90 days to choose between subscribing to the new version of Twitter Blue or losing the blue tick.