The head of cryptocurrency exchange Binance, Changpeng Zhao, claims that he was not informed of Elon Musk's plans when he abandoned and eventually continued his Twitter acquisition, according to a report by CNBC.
Binance Co-Founder and CEO Changpeng Zhao delivers a speech at the opening event of Europe's largest tech conference, the Web Summit, in Lisbon on November 1, 2022. - The Web Summit will run until November 4, 2022.
Why Was Changpeng Zhao Surprised By Elon Musk's Twitter Takeover?
Changpeng Zhao expressed his surprise at learning that Musk had ultimately agreed to buy the business while speaking on stage at the Web Summit technology conference in Lisbon, Portugal.
The biggest cryptocurrency exchange in the world, Binance, is now one of Musk's equity backers for Twitter after contributing $500 million to the acquisition. The next version of the internet is referred to as "Web3," and Zhao has stated his desire to integrate Twitter into it.
On the first night of the Web Summit on Tuesday, Nov. 1, Zhao, also known online as "CZ," informed the crowd that it was "hard to predict" what Musk would always do next.
"For me, large deals like this, there's so many different factors involved. I'm not directly involved in what he's thinking. There's so many different little things that could go one way or another, negotiations, changes of minds," he said in a statement quoted by CNBC.
Zhao also stated that he was unconcerned by Musk's efforts to stall the takeover. He added that turning the social media company into a "free speech platform" was the number one reason he decided to purchase it.
Read also: Binance CEO Claims Google Promotes Crypto Phishing Websites; Is the CoinMarketCap Issue a Bug?
The End of the Musk-Twitter Saga
Musk's acquisition of Twitter was not a linear process. He unexpectedly announced in July that he is backing down from the deal, citing reasons that the social media company is not being transparent on the number of bots on the platform.
But the saga eventually ended last Friday, Oct. 28, when the billionaire officially bought the blue bird app.
Since then, he has removed some of Twitter's top executives, disbanded the board, and appointed himself as CEO. Musk has already mentioned ideas for increasing the platform's revenue generation, such as by charging verified users.
According to recent tweets, he is leaning toward charging users $8 rather than the $20 that initial rumors claimed he would charge for a "blue tick" badge on their profiles.
Zhao claimed he was unaware of the most recent developments but had heard about Musk's desire to implement a cost for verification badges.
The Binance CEO also noted that he supports Musk's objective to promote free speech on the platform and get rid of bots and malicious accounts.
Musk has also established himself as Twitter's moderator-in-chief, days after taking control of the platform and a week before the U.S. midterm elections.
Related Article: New Chief Twit Elon Musk Pulls More than 50 Tesla Employees to Join Twitter
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Written by Jace Dela Cruz
