When it comes to investment in profitable startups, Elon Musk is one of the top entrepreneurs at the apex of the food chain. However, Justin Sun, the founder of Tron, appears to be playing catch up as he has resolved to follow the Tesla CEO’s playbook to the letter.
Like Elon Musk's X, like Justin Sun's Weibo?
Elon Musk changed the history of social media when he decided to buy X a few years back. Through the platform, he has advocated for free speech and is looking at incubating other businesses like xAI, which integrated the Grok chatbot and X Payments.
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
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As an investor with frequent transfers and deep tentacles in the crypto industry, Justin Sun has hinted at plans to buy Chinese counterpart Weibo. He cited a lot of good reasons that made the plan a viable one. One of these plans is the low market value of Weibo, which is below $2 billion.
While he believes he can afford this, compared to the $44 million Musk paid for X, he considers it a fair deal considering the business rakes in about $300 million in profit. Justin Sun also highlighted that Weibo has a very good traffic base, one he can capitalize on to introduce other businesses.
Online engagement farm or real deal?
Justin Sun has many records of businesses under his belt. Some of these include Tron DAO, Poloniex, BitTorrent and HTX Global. While his reputation is known, it remains unclear whether or not his update on Weibo will materialize.
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While he looks to follow Elon Musk’s playbook in the social media investment scene, what many are concerned about are his suspicious trades. Many pundits believe there are obvious flaws in the liquidity and reserve of HTX, which Justin Sun draws on to fund risky Bitcoin and other top altcoin bets.
He has denied any allegations of misconduct and his trades remain a source of debate to date.
