Binance CEO Changpeng Zhao reminded followers on X about Binance’s $500 million investment in Elon Musk’s purchase of Twitter. Changpeng Zhao also reiterated Binance’s early and vocal support for Musk’s bold move by commenting “Happy to contribute to the cause” after sharing a screenshot of headlines on Investopedia . Initial reactions to Elon Musk’s $44 billion Twitter acquisition in late 2022 were mixed .
Musk’s plan to restructure Twitter into what he called an “everything app” had the mainstream press portraying the deal as a mess and predicting the platform’s demise. Loss of advertisers, user migration and a breakdown in moderation were among the concerns critics had. But more than a year later, the platform — now known as X — has shown resilience and dispelled earlier doubts.
For crypto discussions, project announcements, and updates, Musk’s version of X has remarkably maintained its position as the go-to platform. It remains unparalleled in its ability to share information in real-time, facilitating communication between crypto enthusiasts, analysts, and leaders. As X continues to be a vital tool for interaction in the Web3 and blockchain communities, Binance’s investment not only secures a stake in the platform, but also strengthens its strategic position within the crypto space.
Additionally, the screenshot highlights Naval Ravikant’s analysis of the Twitter acquisition, which he calls the most important act of the past decade. Ravikant highlights Musk’s contribution to restoring freedom of expression and reshaping the conversation in a polarized media landscape. The crypto community, where decentralization and transparency are core tenets, has found X attractive because of Musk’s goal of establishing it as a forum for free discussion and a range of viewpoints. In retrospect, CZ’s intuition and alignment with Musk’s idea of a networked platform that goes beyond traditional social media are evident in the Binance investment.#ElonMusk#ChangPingZhao #بينانس #تغريد #RideTheKaiaWave #2024withBinance #BTCReclaims101K
