The CEO of Binance, the world’s largest cryptocurrency exchange, has backed Elon Musk’s call to buy Twitter.
In a tweet, Changpeng Zhao said that he “fully support[s]” the Tesla and SpaceX CEO’s proposal to take the social media platform private.
Musk made the buyout proposal on Tuesday, sending Twitter’s shares soaring.
Binance is the latest high-profile name to back Musk’s proposal. Earlier this week, the billionaire investor and entrepreneur revealed that he had secured funding to take Twitter private at $420 per share.
While it’s not clear if Musk has the necessary support from Twitter’s shareholders to make the buyout happen, his proposal has received backing from some high-profile names in the tech and investment world.
Zhao’s endorsement is significant given Binance’s stature in the cryptocurrency world. The exchange is the largest by trading volume and has a valuation of over $1 billion.
In his tweet, Zhao said that he believes going private would allow Twitter to “handle the trolls and bots issue better.”
Musk has been a vocal critic of Twitter’s handling of trolls and bots, and he has called for the platform to do more to combat them.
The Tesla CEO has also been a critic of the way traditional media covers his companies and has said that he would like to create a “media trust” that is independent of the mainstream press.
While Musk’s buyout proposal is still very much up in the air, Binance’s endorsement is a boost for the Tesla CEO’s efforts.
