The acquisition of social media giant Twitter by tech billionaire Elon Musk for a whopping $44 billion involved other investors including Binance CEO Changepeng Zhao alias CZ. According to the acquisition details, CZ and the crypto exchange invested about $500 million to help Twitter move to the Web3 industry. However, the relationship between Musk and CZ could have turned for the worst after several interesting developments.
Binance and Twitter’s Sour Relationship
For one, Twitter recently announced a partnership with eToro to enable social media users to access real-time prices of cryptocurrencies, stocks, and other assets, and to enable the trading of those instruments. In this regard, Binance crypto exchange was hoping to get a partnership with Twitter and expand its market base.
However, Binance has had a hostile experience in the United States amid increased crypto regulatory scrutiny. Recently, the Binance United States entity was denied the chance to acquire assets for the distressed crypto lender Voyager Digital for a bot. $1 billion. In simple terms, Binance was denied the chance to acquire about 3.5 million Voyager Digital customers.
As a result, Twitter could be avoiding legal litigations by associating with Binance at the moment.
From another perspective, Twitter user @Pauly0x suggested that Binance is not pleased with the fact that Musk is about to launch a crypto wallet.