RIYADH: Cryptocurrency exchange Binance’s agreement to invest $200 million in Forbes is changing, as the latter failed to go public with the help of SPAC firm Magnum Opus Acquisition, according to its CEO Changpeng Zhao.
In an interview with Bloomberg TV, Zhao did not reveal how the initial terms and conditions of the investment will change, but he made it clear that Binance still wants to make investments in Forbes.
“It’s changed a little bit, but I believe that’s still in discussions,” said Zhao.
Binance’s decision to invest in Forbes was a part of the company’s broader strategy to invest in traditional media outlets.
It was last year that Forbes decided to go public through a merger with blank-check firm Magnum Opus Acquisition. Binance, with its investments aimed at taking two board seats on Forbes, but the media outlet, in June, revealed that its shareholders had terminated the deal with Magnum Opus.
Binance has also shown interest in investing $500 million in Elon Musk’s $44 billion buyout of Twitter.
However, the Twitter deal seems vague, as Musk recently cast a doubt about whether Twitter’s user base is as big as the company claims.
“The Twitter deal, I don’t know what’s happening there but we’re still hoping that’ll come through,” added Zhao.