Binance CEO CZ Unfollows Elon Musk on Twitter, Raising Eyebrows in Crypto Community

By 0xGorki 05/16/23 12:40 AM

In a surprising move on May 14th, CZ, the CEO of Binance, one of the world’s largest cryptocurrency exchanges, unfollowed Elon Musk, the renowned entrepreneur behind Tesla and SpaceX, on Twitter. The reasons behind this decision remain unclear, as Binance representatives have refused to comment on the matter. However, they confirmed that Binance’s $500 million investment in Twitter made last year remains unchanged.

CZ’s decision to unfollow Musk on Twitter has sparked considerable attention within the cryptocurrency community, leading to widespread speculation. A Twitter user named Lucra put forth a hypothesis suggesting that CZ unfollowed Musk due to Twitter’s recent collaboration with eToro, an online trading platform, instead of Binance, despite CZ’s assistance in funding Musk’s acquisition of Twitter.

Last month, eToro announced a partnership with Twitter, allowing users to view real-time prices of various stocks, cryptocurrencies, and other assets directly on the social media platform. Furthermore, eToro provides investment options for Twitter users.

Because Elon invited @eToroUS to be Twitter’s crypto exchange instead of Binance, even though it was CZ who helped fund his acquisition of Twitter.

— Lucra (@lucrafund) May 14, 2023

In October 2022, Binance invested $500 million in Elon Musk’s $44 billion acquisition of Twitter. At the time, the Binance CEO expressed his satisfaction with contributing to Elon’s vision for Twitter. He stated, “We are delighted to be able to assist Elon in realizing a new vision for Twitter. Our aim is to support the integration of social media and Web3 to expand the adoption of cryptocurrency and blockchain technology.”

On May 12th, Elon Musk announced Linda Yaccarino, former Chairman of Partnerships and Advertising for NBCUniversal, as the new CEO of Twitter. As reported by Interlock, Musk revealed his plans to step down as CEO in the near future. However, he will continue serving as Chairman, CTO, and oversee product development, software, and systems.

Yaccarino will lead the business operations, while Musk will focus on product design and new technologies. Together, they aim to transform Twitter into an “X” application, a long-held dream of Musk even before the acquisition took place.

As CZ’s decision to unfollow Elon Musk on Twitter continues to generate curiosity and speculation, the true motivations behind this action remain unknown. Whether it indicates a shift in Binance’s involvement with Twitter or merely a personal preference, only time will reveal the underlying reasons for this unexpected move.

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