The relationship between Elon Musk and Binance began during Musk's acquisition of Twitter in 2022.

Binance's Role in Elon Musk’s Twitter Deal

When Elon Musk bought Twitter for $44 billion, Binance invested $500 million to support the deal.

Binance CEO Changpeng Zhao (CZ) described it as a “small contribution to the cause” of supporting free speech and helping bridge Web3 and social media.

Binance also formed a team to explore how blockchain and crypto could be integrated into Twitter's platform.

Support for Free Speech

CZ stated one of the main reasons for investing was to support freedom of speech.

He said: “We want to help bring Twitter into Web3 when they’re ready... We’re strong supporters of free speech. Money freedom is freedom of speech.”

Current Situation

After the acquisition, Twitter was rebranded as X, with plans to turn it into an “everything app.”

However, the platform's value has reportedly dropped by over 72%, causing significant losses — around $24 billion — to Musk and his investors.

Conclusion

Binance did not acquire Twitter or Elon Musk’s companies. Instead, it was one of several equity investors in Musk’s Twitter takeover, aiming to support free speech and bring blockchain innovation to the platform.