Twitter monetization and free speech drove Binance's $500M injection: CZ

Binance will also help the integration of Twitter into Web3 by implementing crypto payments and deploying a dedicated team of on-chain specialists to stop bot spam accounts.< /p> New

Binance CEO Changpeng "CZ" Zhao explained the reasoning behind his $500 million co-investment in Elon Musk's Twitter, citing monetization potential, freedom of expression for the crypto community and the opportunity to possibly "help bring Twitter into Web3".

CZ's comments come from an October 31 CNBC Squawk Box segment, where he explained what prompted his co-investment with Elon Musk to acquire the social media platform noting:

"I believe Twitter hasn't been monetized well, it hasn't grown well, there are a lot of tactical issues like bots spamming my comments, there are scam accounts out there , it was not handled well."

"But I think the platform has enormous value on its own, and especially now with Elon at the helm, we're very confident," he added.

Binance has not wavered in its support for Musk's acquisition of Twitter since it first announced its support in May 2022. Other co-investors include Sequoia Capital Fund, Fidelity Management and Research Company.

The CEO of Binance said that Twitter's difficult price assessment did not impact his investment decision as they considered the long-term outlook to be strong while giving the crypto a " place at the table" on freedom of expression:

"We are long-term investors, we believe in strong entrepreneurs, we believe in strong platforms, we believe in free speech [...] we look at this on a 10, 20, 50, 100 years, so we don't mind a little price fluctuation on a monthly basis.”

However, decisions about which Twitter accounts to reactivate will not be in the hands of Musk, who has said...