The chief executive of the world’s largest crypto exchange by trading volume has no regrets about investing in Twitter.
In a new interview with CNBC, Binance CEO Changpeng Zhao says that his company’s $500 million investment in Elon Musk’s Twitter takeover isn’t about short-term time horizons.
“For us, we’re long-term investors. We believe in strong entrepreneurs. We believe in strong platforms. We believe in free speech. And that’s priceless. And so the market goes up and down… now it’s a bit lower, higher, we don’t care. We look at this on a 10, 20, 50, and 100-year basis. So a little price fluctuation on a monthly basis doesn’t phase us at all. We support strong entrepreneurs.”
Zhao says Elon Musk is one of the main factors for their investment, but he also notes the Twitter platform itself is “very strong.”
“I believe Twitter has not been monetized well. It has not been grown well. There are many tactical problems like bots, the spam… There are spammer accounts on there. It’s just not been run well. So I think the platform has huge value in itself, I can see it clearly myself. And especially now with Elon at the helm, we’re very confident.”
Last week, billionaire Tesla CEO Elon Musk took over Twitter in a blockbuster $44 billion deal that had been in the works for much of 2022.
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