November 3, 2022
Binance CEO Changpeng “CZ” Zhao has expressed full support for Elon Musk’s Twitter takeover, but he believes 90% of Elon Musk’s ideas for Twitter will fail.
CZ, who invested $500 million in Musk’s Twitter vision, insisted that he didn’t care about Musk’s attempt to derail the investment because he was prepared for either outcome.
CZ also supported Musk’s efforts to revive a dormant Twitter that he says has been slow to develop new features to attract and engage a larger user base. “You can see the speed of change on Twitter has accelerated,” he said.
“I would actually say probably the majority of them will not stick,” said Zhao. He also believes that Musk will eventually come up with some fruitful ideas for the social media platform while accelerating innovation in the company. “That’s how you figure out how the rest of the 10% of features that will stick,” he said. “By defining a lot of new features.”
“Last year, I don’t know how many new features [the company rolled out]; I didn’t see that many.
“But I fully expect that with Elon now in charge, the speed of new features rolling out will be much faster.”
Since taking over the platform, Musk has unveiled several new concepts for Twitter, including the return of Vine and the $8 monthly fee for Twitter’s blue tick check. The Washington Post recently reported that the social media company has begun working on a feature that would allow creators to charge users to watch their videos.
Finally, Zhao stated that he supports Musk’s vision for Twitter in promoting free speech and imagining the platform as a kind of global town square.
The sources for this piece include an article in BusinessInsider.
