Changpeng Zhao "Never directly said I would sell SpaceX (SPCX)"

▲ SpaceX (SPCX)/AI generated image

Changpeng Zhao, co-founder of Binance, clarified that he never mentioned selling SpaceX shares to pressure Elon Musk.

According to cryptocurrency media outlet Coingape on October 31 (local time), Changpeng Zhao stated on Saturday that he never pressured Musk or threatened to sell SpaceX (SPCX) shares. He only mentioned Binance's holdings to counter comparisons with FTX after the hacking incident. On October 31, Changpeng Zhao wrote on X (formerly Twitter), "I never said I would sell SPCX shares. The reason we mentioned holding these shares was because the FTX comparison in the thread could be interpreted as us not having funds, which is not true."

He stated, "I don't threaten," calling it a core principle he even wrote about in his book. He said Binance's holdings were "a drop in the ocean" compared to SpaceX's scale and added that SPCX is one of the best stocks for long-term holding. Calling Musk "one of the world's most powerful builders," he said he had no intention of confronting him. He stated, "Fight one of the world's strongest builders? I decline. Let's fight North Korean hackers."

The controversy began after Binance was hacked for $6.3 billion. Musk posted "Every day is zero day" and responded with a laughing emoji, alluding to FTX's past claims that customer funds were fully protected. Changpeng Zhao replied, "Elon, I respect you greatly, but this is a bad time to joke. Please stop. Our SPCX shares, acquired with the $500 million invested in your Twitter acquisition, are worth over $1 billion. I would appreciate some support." He then roughly calculated the remaining funding gap, factoring in frozen assets and the SAFU user protection fund, pointing out that SPCX holdings were one of the non-crypto assets that could be used.

Binance co-CEO Yi He previously stated that the company's annual revenue was sufficient to cover losses. She said, "Therefore, there is no need to sell SpaceX shares yet."

[Article Summary]

-Changpeng Zhao clarified that he never threatened to sell SpaceX shares and only mentioned the holdings to counter comparisons with FTX.

-In response to Musk's "Every day is zero day" post, Changpeng Zhao pointed out that the $500 million investment was worth over $1 billion and asked him to stop joking.

-Binance co-CEO Yi He stated that annual revenue can cover losses, so there is no need to sell the shares yet.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*