- Changpeng “CZ” Zhao invests $500M to back Musk’s vision for Twitter.
- The Binane CEO said he trusts the new Twitter owner to make the right calls.
- Furthermore, CZ predicts that Twitter will be a “much stronger platform.”
The CEO of Binance Changpeng Zhao supports Elon Musk’s Twitter acquisition to speed up changes from the social media giant Twitter, claiming that the platform then has been slow to develop features that would attract a wider audience.
Prior to the Twitter acquisition, Zhao, popularly known as CZ Binance, invested $500 million to back Musk’s vision for the social media platform, stating that he wasn’t worried about his investment’s outcome.
From the time Musk acquired the platform, he immediately replaced top executives that harm the platform. In addition, he announced an $8/mo subscription charge for users who wanted a “verified” account with a blue checkmark in an effort to eliminate bots on Twitter.
It’s not a secret that both CZ and Musk, who has 7.2M and 113.5M Twitter followers respectively, are heavy Twitter users. CZ, who supports Musk, criticized a verified Twitter user in a tweet who questioned Musk’s move to add a subscription plan.
CZ said told an audience at Web Summit in Lisbon that the “speed of change in Twitter is much faster,” now that Musk is in charge of the platform. Yet, CZ predicts that the majority of Musk’s ideas [new features] for the platform “will not stick.” He emphasized that 90% of Musk’s ideas will not work, “but that’s how you figure out the rest of the 10% of the features that will stick.”
Furthermore, CZ said his investment in Twitter will be “very long-term.” The CEO of the largest crypto exchange said he wants to be involved in the next 10 to 100 years in this “high potential” platform, with Musk and Twitter both in it. Zhao added that they’re confident with its future, and pointed out that it will be a “much stronger platform than Twitter yesterday.”
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