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Speculation Runs Wild: Why Did CZ Unfollow Elon Musk on Twitter?

AA News - Andrew Throuvalas 2023-05-16 01:00

Binance CEO Changpeng Zhao (CZ) recently unfollowed Tesla and SpaceX chief Elon Musk after what seemed like a long and friendly history between the two parties. 

Though neither executive has left any explicit clues, crypto Twitter has some theories about what may be driving tension between the tech billionaires. 

Did Twitter Shun Binance?

Twitter account @BigCryptoAlert called attention to the turn of events on Saturday, noting that CZ – whose account follows over 1600 users – no longer counts Musk’s profile among them. 

One Twitter user named Lucra speculated that CZ may be distancing himself from Elon ever since Twitter invited eToroUS – a social investments company for crypto, and other financial instruments – to be the social network’s partner crypto exchange, rather than Binance. 

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

The partnership enabled users to easily access stocks and crypto from Twitter in April, letting them view market charts for such assets and buy/ sell them through eToro. Though the platform doesn’t support nearly as many crypto assets or crypto volume as Binance, it’s been subject to far less regulatory and jurisdictional criticism than the latter – and supports a wider range of financial assets in general. 

That said, Binance was one of the companies that helped Musk acquire Twitter last year, putting $500 million towards the cause. The exchange was also prepared to help Musk organize a blockchain-based solution to its spam bot problem, which the tech tycoon considered one of his principal motivations for acquiring the company. 

In fact, other Twitter users speculate that CZ may now disapprove of the direction in which Musk is taking Twitter. The former boss recently announced that he would step down as Twitter’s CEO in favor of Linda Yaccarino – a former executive at NBC

Pepe Wallet Soon?

There’s also speculation that the unfollowing may be related to the new memecoin Pepe. Musk posted a Pepe-related meme on Twitter over the weekend, which was predictably followed by a short-lived price pump. 

Explaining Constitutional Amendments

— Elon Musk (@elonmusk) May 13, 2023

Meanwhile, rumors are circulating that Twitter soon plans to launch its own crypto wallet. Some users believe the wallet will feature Pepe as its native currency, sparking another wave of bullish momentum for the coin. 

“It’s a fact that CZ is furious about Elon Musk’s plans to launch a Twitter crypto wallet,” said Pauly0x on Twitter on Sunday. “That’s why CZ recently unfollowed him. Pepe will be a native currency at launch. It just makes sense. The most entertaining outcome is the most likely.”

Musk also travelled to France on Monday to speak with President Emmanuel Macron. France happens to be where the verified Pepe memecoin account is located.

So…. @elonmusk is in France doing "business" today.

Guess who else is in France… cough cough @pepecoineth $pepe

— Un Blockchain Me (@UnBlockchainMe) May 15, 2023

The post Speculation Runs Wild: Why Did CZ Unfollow Elon Musk on Twitter? appeared first on CryptoPotato.