Binance Chief Executive Officer Changpeng Zhao has shared the reason for his company's participation in the funding of Tesla Inc (NASDAQ: NASDAQ:TSLA) CEO Elon Musk’s $44 billion takeover of Twitter.
What Happened: Zhao, also known as CZ, said one of the reasons why he supported Musk’s purchase of Twitter was because “we want to be extremely supportive of free speech,” reported Reuters.
The cryptocurrency entrepreneur reportedly said at Web Summit — the largest technology conference in Europe — that Twitter is "where people express their opinions."
"It is an important free speech platform - that's the number one reason," said Zhao, according to Reuters.
Why It Matters: The Binance CEO is an active Twitter user with over 7.2 million followers.
Zhao revealed last week that Binance, the largest spot cryptocurrency exchange in the world, invested $500 million towards the acquisition of Twitter.
At the time, Zhao revealed the transaction was done through traditional banking methods rather than a cryptocurrency like Bitcoin (CRYPTO: BTC).
On Binance’s ownership of Twitter, Zhao had said, “We are small potatoes.”
Binance rival FTX's CEO Sam Bankman-Fried, meanwhile, is reportedly looking to cash out of Twitter.
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Photo courtesy: Web Summit on Flickr
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