On Thursday, Binance CEO Changpeng Zhao tweeted a CNBC story on the deal to his 5.1 million followers. "I can confirm Forbes's editorial independence will remain sacrosanct, and entirely independent from Binance," Binance spokesperson Simon Matthews told Reuters. Two senior Binance executives - Chief Communications Officer Patrick Hillman and Bill Chin, the head of its venture capital arm - will join Forbes's board of directors on the closing of the deal, the statement said. It had in 2020 sued Forbes and two of its journalists for defamation over an October story the magazine published regarding the exchange's corporate structure. In February last year, Binance dropped a lawsuit against Forbes. SPACs are shell companies that raise money in an initial public offering (IPO) and put it in a trust for the purpose of merging with a private company and taking it public. "The transactions with Magnum Opus and Binance are expected to help Forbes maximize its brand and enterprise values," the companies said.īinance will help advise Forbes on its digital asset and "Web3" strategy, they added, referring to a still-unrealised version of the internet where blockchain-based "decentralised" apps and cryptocurrencies are widely used. Forbes said in August that it would go public via a SPAC in an attempt to build on its digital transition and pursue further chances for growth.
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