CZ says Binance's SPCX stake from $500M Twitter investment now worth over $1B
- —Binance put $500 million into Musk's Twitter buyout
- —CZ values the resulting SPCX stake at over $1 billion
- —Estimated losses from the Binance incident are about $10 billion, or 0.69% of custody assets
- —CZ said the real loss may be "slightly higher" but pledged full coverage
Why it matters: CZ is publicly pressuring Musk while Binance battles the fallout from a record hack, aiming to shore up confidence in the exchange and its holdings.
Source: PANews