Elon Musk made history in social media by acquiring X, previously known as Twitter.
Through this platform, he has promoted free speech and integrated businesses like xAI, which features the Grok chatbot and X Payments.
Meanwhile, Justin Sun, the founder of Tron, is closely emulating Musk’s approach, positioning himself to parallel Musk’s entrepreneurial strategies.
Justin Sun, a proactive figure in the cryptocurrency industry, has dropped hints about his intentions to acquire the Chinese social media platform Weibo potentially. He cites numerous compelling reasons for considering this strategic move, notably pointing out that Weibo’s current market valuation stands at just under $2 billion.
In contrast to Musk’s $44 billion acquisition price for X, Sun perceives this as a reasonable transaction, particularly considering that Weibo generates approximately $300 million in annual profit. Sun additionally highlighted Weibo’s significant user traffic, which he envisions leveraging to launch additional business ventures.
微博现在市值确实是不高，20亿美元，一年还赚3亿美元，市盈率才6倍，而且护城河还可以，流量很大，未来以此还可以孵化别的业务，大家觉得买过来繁荣共建怎么样
— H.E. Justin Sun 孙宇晨 (@justinsuntron) July 12, 2024
Online Engagement Farm or Real Deal?
Justin Sun has a track record of successful businesses, including Tron DAO, Poloniex, BitTorrent, and HTX Global. Despite his reputation, it remains to be seen whether his plans for Weibo will materialize.
While Sun aims to mimic Elon Musk’s social media investment strategy, concerns have been raised about his suspicious trades. Many pundits point out flaws in HTX’s liquidity and reserves, which Sun reportedly uses to fund risky Bitcoin and other top altcoin bets.
Justin Sun’s Ambitious Plans
Sun’s ambition continues with Weibo. He envisions integrating multiple businesses through this platform, similar to Musk’s approach with X. By leveraging Weibo’s existing user base and traffic, Sun hopes to expand his business empire further. He believes that the low acquisition cost and high profit potential make Weibo a strategic investment.
Despite Sun’s optimism, critics are wary of his financial practices. Allegations of suspicious trades and concerns about HTX’s liquidity raise questions about the sustainability of his business ventures. Sun’s frequent transfers and deep involvement in crypto have fueled skepticism among industry watchers.
The Future of Social Media Investment
If Justin Sun succeeds in acquiring Weibo, it could signal a new era of social media investment, with more entrepreneurs following Musk’s playbook. However, the outcome of Sun’s plans remains to be seen. His ability to manage and integrate Weibo with his other businesses will be crucial to his success.
Justin Sun’s potential purchase of Weibo shows his desire to follow a path similar to Elon Musk’s. While this move offers many opportunities, it also brings challenges and uncertainties. Sun’s reputation and big plans will play a key role in deciding if he can achieve the same level of success as Musk in social media.
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