Binance Chief Says Bet On Musk's Twitter Will Stary
It's hard to imagine committing to invest $500 million in someone's vision for a company only to watch that individual almost immediately try to distance himself from it, Connie Loizos reported for TechCrunch.
Photo Insert: Zhao also sees Twitter as an important business development tool, he suggested, calling himself an "active Twitter user" who uses the app more than he uses the Binance app.
But Changpeng "CZ" Zhao told an audience tonight at Web Summit in Lisbon that he wasn't bothered when, after committing to invest $500 million in Elon Musk's takeover of Twitter, Musk then tried for months to torpedo the deal.
First and foremost, suggested the founder and CEO of Binance, the world's largest cryptocurrency platform, "when we invest in a deal, we're very comfortable if the deal goes through. We're very comfortable if the deal doesn't go through. We always want to get to a point where we're in that position."
In fact, while, Zhao admitted that he was "honestly" a "little bit surprised" when the deal finally went through -- Musk is "pretty hard guy for me to predict," Zhao said with a laugh on stage -- getting on board again as an investor and active user and web3 proponent was a no-brainer for "many different reasons," he told interviewer Katie Prescott.
He said, for example, that Binance wants to be "completely supportive of free speech" because Binance's great ambition is to "increase the freedom of money" and free speech, he said, is inextricably tied to the freedom of money.
Free speech is also paramount to Zhao as a founder who finds himself in the headlines and doesn't always like what he reads. "Little guys like us," said Zhao, whose personal fortune is estimated in the tens of billions of dollars, "have our followers. We can correct the news."
Zhao also sees Twitter as an important business development tool, he suggested, calling himself an "active Twitter user" who uses the app more than he uses the Binance app.