The CEO of Binance exchange, Changpeng Zhao (CZ), has reportedly unfollowed Tesla CEO Elon Musk on the popular Twitter Platform. The reason behind the sudden action is yet unknown. However, their investment partnership remains intact.
Earlier this week, the report of CZ striking the unfollow button on Musk’s Twitter page stirred a lot of speculation. The abrupt action took the media and the whole internet by surprise, as no one has a clear clue as to why CZ did that and what is going on between the two tech giants.
Reacting to the news, some speculators suggested that CZ’s action was connected to Musk’s decision to partner with eToro to build trading options on Twitter. They added that choosing eToro over Binance might be the cause of the issue.
According to the report, the eToro trading platform partnered with Twitter in April. The platform is entrusted with creating a Twitter function allowing users to sell, buy and execute payment settlements with crypto, bonds, stocks, and other assets.
At the time of publication, Elon Musk and Changpeng Zhao are not following each other on Twitter social media. In addition, it is unknown if Musk initially followed CZ before the latest development.
CZ And Musk Remains Cordial On Business Ground
Apart from the rumor-stirring action from CZ, the two CEOs seem relaxed with each other business-wise. This is because Binance’s investment in the Twitter social media owned by Elon Musk remains intact.
According to a Binance spokesman, the $500 million investment on Twitter remains firm. The investment plan first surfaced in May 2022 when Binance announced that it would add $500 million to Musk’s $44 billion Twitter buyout plan.
In addition, CZ reportedly reaffirmed his investment commitment to Musk in October 2022 when the question of his interest was still intact. Subsequently, in November, CZ explained that the firm had some potent reasons for investing in Twitter social media.
He said a core part of the reason was that Twitter is a platform that encourages people to express their opinions freely. Binance has an interest in promoting the free speech functionality of the platform. Zhao, who has about 8.4 million Twitter followers, admitted he is a heavy user of the social platform.
He added that Binance’s investment in Twitter is long-term as he considers the platform pivotal to the global growth and adoption of the cryptocurrency industry. In an interview, CZ said the firm is glad to aid Musk in creating a new vision for Twitter.
In addition, the CEO said the exchange is ready to support and sponsor the collaboration between web3 and social media platforms as the relationship would immensely help to facilitate crypto adoption worldwide.
Elon Musk Stepped Down As Twitter CEO
Meanwhile, the CEO of Twitter, Elon Musk, announced last week that a new individual would be taking over as the CEO of Twitter as he planned to step down from the post. He reportedly planned to assume the position of product and technical officer in his firm.
According to the report, Musk named Linda Yaccarino, the advertisement Chairperson at NBC Universal Global, as the new CEO. Her role is to focus on the business operations of the firm majorly. She would be starting in the next six weeks, according to Musk.
Last week, Elon Musk commented on his decision to step down as the CEO of his firm. He said he looks forward to working with the new CEO as they work toward transforming the platform to X, the app for everything.
The public met Musk’s reaction to stepping down from the role of Twitter’s CEO with mixed feelings. Some were pleased as they believed it would allow users to explore the platform without fearing Musk’s ban protocols.