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Forbes will get a $200 million strategic investment from Binance. Forbes will be able to list on the New York Stock Exchange under the symbol FRBS due to the relocation.

According to a recent CNBC piece, Binance would step in to replace half of the $400 million pledges made by institutional investors who were wary of the Forbes SPAC deal.

Forbes had announced the Investors in August of last year, but given the growing skepticism of Special Purpose Acquisition Companies among many investors, those who supported the Forbes listing were glad to step aside and let Binance take over their assets.

Binance is now one of Forbes’ top two largest stockholders due to the deal. In addition, the world’s largest cryptocurrency exchange will have two seats on Forbes’ nine-member board of directors.

Forbes is a long-standing part of the global media, created over a century ago by the grandfather of current editor-in-chief Steve Forbes. According to the company, its publications, periodicals, and events reach over 150 million people.

Binance, led by CEO Changpeng Zhao, has firmly established itself as a market leader. According to Bloomberg News, Zhao, often known as CZ, is worth roughly $96 billion. As a result, he is the wealthiest person in the Bitcoin industry.

Binance’s entry into publishing indicates that the crypto giant believes this is a key infrastructure acquisition that will align with the Web 3.0 trend.

Binance is believed to have approached Forbes after identifying three possible media sites for investment, according to the CNBC piece.

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