CandleFocus CZ casually brags about helping Elon buy Twitter – “Happy to have contributed to the cause”
2024-12-15
Author: Content Editor
Billionaire Changpeng "CZ" Zhao, founder of Binance, reminded people of his contribution to Elon Musk's acquisition of Twitter (now X) by posting a screenshot of an article and captioning it with confidence. Elon initially became Twitter's largest shareholder, then made an unsolicited offer to buy the entire company for $44 billion. After legal drama and criticism, Elon finalized the acquisition but faced challenges, including hate speech and misinformation on the platform. Financially, the acquisition appeared to be a nightmare, with X's valuation dropping to $15 billion and significant debt obligations. CZ's contribution was part of the financing puzzle, which also included backing from high-profile investors and loans. User engagement on X has had mixed results, with some metrics showing resilience but others indicating declining activity. Elon acknowledged the challenges but believed it was necessary for the "good fork in the road."
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