Last update: October 29, 2022 10:27 IST
![Elon Musk's Twitter acquisition saga came to an end on Thursday, with the deal officially closing after months of twists and turns. Elon Musk's Twitter acquisition saga came to an end on Thursday, with the deal officially closing after months of twists and turns.](https://images.news18.com/ibnlive/uploads/2021/07/1627283897_news18_logo-1200x800.jpg?impolicy=website&width=510&height=356)
Elon Musk's Twitter acquisition saga came to an end on Thursday, with the deal officially closing after months of twists and turns.
Binance said it would brainstorm plans and strategies that could help Elon Musk run the platform.
Binance, the world's largest cryptocurrency exchange, which invested $500 million in Elon Musk's acquisition of Twitter Inc, is hiring a team to study how blockchain and cryptocurrencies can benefit Twitter. A company spokesperson said Friday.
Binance, one of Elon Musk's equity co-investors to fund the $44 billion deal, said it would brainstorm plans and strategies that could help Elon Musk run the platform.
The newly formed team will explore ways to build on-chain solutions to address Twitter's problems, including the proliferation of bot accounts, a problem that Musk has repeatedly complained about and nearly canceled the proposal.
Musk's Twitter acquisition saga ended on Thursday when the deal officially closed after months of twists and turns in and out of court, and Musk immediately fired the social media platform's top executives.
Twitter began exploring ways to integrate blockchain technology under co-founder and former CEO Jack Dorsey, a Bitcoin supporter.
In November 2021, Twitter launched an internal cryptocurrency team to build capabilities related to these technologies. The company has introduced a feature that allows paid Twitter subscribers to use non-fungible tokens (NFTs) as avatar photos.
In text messages with aides released as part of his lawsuit against Twitter, Musk discussed the possibility of putting Twitter on a blockchain, but later appears to have decided that such a move would not work.
Since Musk currently has full control of the board and decision-making at the private Twitter, it is unclear how actively a co-investor like Binance can participate in Twitter's future as a minority investor. Most of his co-investors are funds such as Sequoia Capital, Fidelity Management, Andreessen Horowitz, and Brookfield.
Binance CEO Changpeng Zhao, known as CZ, is an active Twitter user with over 7 million followers on the platform.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters)