Binance ceo elon musk series#
Binance ceo elon musk free#

But nearly one year into his reign, it’s difficult to attribute his unorthodox business choices to a lack of preparation. It’s possible Musk’s seemingly hurried decision to purchase the company means he was in over his head, at least at the start. He renamed the company to X, wiping away some of Twitter’s brand value, and on a more serious note, brought in a seasoned advertising executive to serve as the company’s CEO. Musk temporarily replaced the Twitter logo with the Dogecoin dog, brought beds into headquarters and set up a poop emoji auto-reply to emails from journalists.

Binance ceo elon musk series#

His time at the helm of the company has been categorized by a series of playful, though strategically questionable, moves. That has largely stemmed from an exodus of advertising dollars, resulting from advertisers’ caution around the new owner, a targeted boycott, and broader market conditions. Since October 2022, when Musk became “Chief Twit,” the company has lost an estimated 90% of its value, Fortune reported. It remains to be seen whether the risks Musk took for X will pay off, as they have with his other companies, but the backstory behind the purchase helps explain his decisions over the last year. After bidding for Twitter, he repeatedly changed his mind on the plan, according to Isaacson, trying to renegotiate a lower price and ultimately calling off the deal, which Taylor forced through after a court battle. Musk largely runs his businesses as a series of risky bets, including staking Tesla profits on fully autonomous driving technology and launching a spacecraft for SpaceX that he knew would explode in the sky. The series of events feels more like an episode of Succession than a business negotiation, but that’s not unusual for the richest man in the world. On April 13, he submitted the offer, and tweeted the news after playing video game Elden Ring until 5:30 a.m. “It is better, in my opinion, to take Twitter private, restructure and return to the public markets once that is done,” he told Taylor. In texts with Agrawal and then-chairman Bret Taylor, he said “drastic action needed,” and shared his plan.

Binance ceo elon musk free#

The billionaire had become increasingly concerned with the state of free speech in America, blaming what he called the “ woke mind virus,” and he had ideas about a subscription system that would verify Twitter users.Īfter stewing over the company’s problems from Ellison’s Hawaii estate-and posting criticisms of Twitter on Twitter-he made the decision to purchase the company, according to Isaacson. “What Twitter needs is a fire-breathing dragon, and Parag is not that,” Musk said.īy then, Musk owned 9.2% of Twitter’s stock, worth $2.9 billion, and Agrawal invited him to join the board of directors. Agrawal was nice-and that was a problem, according to Musk’s belief that managers should not be liked.

This time, using his extra cash, Musk began purchasing shares of Twitter, the social platform where he had posted 19,000 times over a decade.Īccording to the book, after some of Twitter’s board members urged Musk to become more involved in the company, he secretly met with then-CEO Parag Agrawal at an Airbnb farmhouse surrounded by tractors and donkeys. Calm is unnerving for Musk, Isaacson wrote, noting that the billionaire would try to “manufacture a drama” at such moments. One of them is his acquisition of Twitter.In early 2022, things were going “surprisingly well for Musk,” according to Isaacson: The previous year made Tesla a trillion-dollar company, and Musk had an extra $10 billion on hand from recent stock sales.

The Biden administration is debating whether to conduct national security reviews of some of Musk’s projects. Later, he underlined that his backing would only endure as long as Musk carried through on the agreement. In earlier messages this year, Musk and other cryptocurrency billionaires discussed how they may decentralize Twitter.ĬZ claimed that Binance offered a possibility to aid in bridging social media and news into Web3. He stated, “I think so,” on Tuesday while speaking at the Future Investment Initiative conference in Riyadh, Saudi Arabia.ĬZ pledged to support the offer when it was made public in April, joining a small group of other financial institutions with an interest in cryptocurrencies, like Fidelity Management and Sequoia Capital. Changpeng Zhao (CZ), the exchange’s CEO, was recently questioned about whether he still supported his fellow billionaire. Earlier this year, Musk discussed with other cryptocurrency billionaires how they may decentralize Twitter.īinance is most likely to honor its commitment to contribute $500 million to Elon Musk’s attempt to acquire Twitter for $54.20 a share.CZ pledged to support the offer when it was made public in April.