At Web Summit in Lisbon, Changpeng ‘CZ’ Zhao, the founder and CEO of Binance, the world’s largest cryptocurrency platform, shared his thoughts on Twitter’s future under Elon Musk’s leadership. In a candid conversation with Katie Prescott of The Times, CZ discussed why Binance invested $500 million in Musk’s takeover bid and what he hopes to achieve through this partnership.
A Comfortable Investor
When asked about the deal going through, CZ replied that Binance is "very comfortable" both when deals are successful and when they’re not. He emphasized that his company always strives to be in a position where it can get involved in the project regardless of its outcome.
CZ admitted that he was initially surprised by Musk’s decision to go ahead with the acquisition, given Musk’s history of being unpredictable. However, CZ believes that this unpredictability is actually a strength, as it allows for more innovative and forward-thinking decisions.
Supporting Free Speech and Web3
One of the primary reasons Binance invested in Twitter is its commitment to supporting free speech. As CZ pointed out, free speech is intricately linked with financial freedom, which is at the core of Binance’s mission. By backing Twitter, Binance aims to promote a platform that fosters open discussion and exchange.
CZ also highlighted his personal experience as a public figure in the crypto space, where he often finds himself in the headlines and has to correct inaccuracies. He stressed that even large companies like Binance can benefit from having a free speech-friendly platform like Twitter.
A Business Development Tool
In addition to supporting free speech, CZ sees Twitter as an essential tool for business development. As an "active Twitter user," he uses the app more frequently than the Binance app itself. He noted that Twitter is where the crypto community lives and where politicians go to engage with their constituents.
Elon Musk: A Driver of Innovation
CZ stated that his company loves supporting Elon Musk due to his unique ability to think outside the box and implement new ideas. Despite forking over a substantial amount of money, CZ doesn’t receive detailed updates on Twitter’s inner workings. However, he appreciates how Musk can rapidly drive change within the company.
A Focus on Long-Term Potential
When asked about when Binance expects to see a return on its investment, CZ emphasized that his company is a long-term investor. He believes that the combined potential of Twitter and Elon Musk will only be fully realized in 10-20 years from now. CZ expressed confidence that this partnership will lead to a significantly stronger platform than before.
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By investing in Twitter’s future under Elon Musk’s leadership, Binance is taking a long-term bet on the potential of this partnership. As CZ emphasized, his company’s commitment to free speech and innovation aligns with Musk’s vision for Twitter. The outcome may not be certain, but one thing is clear: this collaboration will have far-reaching implications for both the crypto space and the broader tech industry.
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