Zhao Says Mention of SpaceX Stake Was Not Meant to Pressure Musk

Binance co-founder Changpeng Zhao said his mention of holding a stake in SpaceX was not intended to pressure Tesla Chief Executive Officer Elon Musk.

On October 31, Zhao wrote on X, formerly Twitter, that he had never said he would sell his SpaceX stake. He said he mentioned it to show that Binance holds assets beyond digital assets, as comparisons with FTX could create the mistaken impression that the exchange lacked funds.

He added that he does not make threats and that the principle is one of his core beliefs, which he also wrote about in his book. He said the stake he holds is only a tiny fraction of SpaceX and could not be used as leverage.

Zhao also said SpaceX could become one of the best stocks to hold for the long term. There was no need to turn the matter into a fight or drive a wedge between the two sides.

Zhao had earlier expressed discomfort with Musk’s joking response to the Binance hacking incident. At the time, he wrote that he had great respect for Musk but that it was not the time for jokes, adding that he would appreciate even a small show of support.

He also said the stake secured through his $500 million investment in Musk’s Twitter acquisition is now worth more than $1 billion.