CZ reiterates support for Elon Musk’s takeover of Twitter

Changpeng Zhao (CZ), the CEO of Binance, is firmly aligned with the vision of American billionaire Elon Musk. He revealed he would support Musk whether or not he goes through with his proposal to take over Twitter.

Despite the uncertainties, CZ does not give up

In an interview with Bloomberg, CZ reaffirmed his position regarding Elon Musk’s proposed takeover of Twitter. The Binance boss indicated that investors were willing to provide the capital required to finalize the deal, depending on Musk’s willingness.

“He leads, we follow. If he goes through with the operation, we’re engaged. If he doesn’t, then we won’t.”reported Bloomberg.

This statement follows the question of why he is continuing his involvement in this file, when Musk seems to no longer want to buy Twitter for the amount announced.

However, Changpeng said he would be a bit disappointed if the deal fell through because he hopes “be able to contribute to Twitter in some way”.

Last May, Elon Musk announced with great enthusiasm that Binance, the world’s leading cryptocurrency exchange, was among the investors involved in the acquisition of Twitter. Earlier this month, the entrepreneur threatened to withdraw his offer, citing the threat of bots and the plethora of fake user accounts on the social network.

The market is bad, but that’s normal

Another topic discussed during the interview: the winter season currently raging in the cryptocurrency market. As a reminder, since the start of the crypto winter, the overall market capitalization of cryptocurrencies has fallen from nearly $3 trillion in November 2021 to $901 billion at the time of writing.

According to Changpeng, the current crisis is just one component of the market’s normal development process. As a result, the sharp price declines recorded should not come as a surprise. Zhao clarified that volatility is an integral part of the digital asset market, while highlighting its occurrence in the traditional stock market.

Furthermore, one of the interviewers pointed out that Binance was in the midst of a hiring wave, while its rivals, struggling in the current climate, were instead laying off. To this, CZ replied that he found the situation distressing. He added that it was nevertheless a good time for his company to recruit new talent. According to Changpeng, Binance has always allocated a large budget for recruitment, more than for other activities such as advertising, for example.

During the interview, CZ also hinted that mergers and acquisitions were in the works. However, he did not want to say more.

Over the years, Elon Musk has earned a reputation as a winner, thanks in particular to the success of projects such as Tesla and SpaceX. It’s a fact: the richest man in the world has a nose for bargains. Therefore, it’s easy to see why CZ wishes to bend to his will. On the other hand, the CEO of Binance seems rather confident about the future of cryptocurrencies. The new series of recruitments announced shows it well.

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I came to blockchain out of curiosity and stayed with it out of passion. I was amazed by the possibilities it offers through its various use cases. With my pen, I hope to help democratize this technology and show how it can help make the world a better place.

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