Changpeng Zhao, better known as CZ, said on X that Elon Musk should "stop joking" and show "a little support," arguing that Binance's earlier $500 million investment tied to Musk's Twitter acquisition has grown into an SPCX stake worth more than $1 billion. The exchange executive made the comment after a separate discussion about losses linked to frozen stablecoins drew attention online.
Earlier, 0xngmi wrote that Binance holds about $144 billion in custodial assets and that losses tied to frozen USDT and USDC totaled roughly $1 billion, or 0.69% of those assets. Zhao replied that the real loss may be "slightly higher," while adding that Binance would cover users in full. The exchange's response was followed by a joke post from user @HuaweiMate6 featuring an image referencing "SBF's response back then," to which Musk replied with a grimacing face emoji.
The exchange between Zhao and Musk quickly became the focal point of the discussion, linking Binance's past investment in Musk's Twitter deal with the latest round of online commentary.
PANews reported on Oct. 30 that Changpeng Zhao, or CZ, said on X that Elon Musk should "stop joking." Zhao added that Binance invested $500 million in Musk's acquisition of Twitter and that the SPCX shares it received are now worth more than $1 billion. He said he hoped Musk would "show a little support."
Earlier, 0xngmi said Binance has about $144 billion in custodial assets and that total losses after USDT and USDC were frozen came to about $1 billion, equal to 0.69% of those assets. Zhao replied that the actual loss may be "slightly higher," but said Binance would cover the full amount.
After that, user @HuaweiMate6 posted a joke image described as "SBF's response back then," and Musk replied with a "😬" emoji.
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