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Tron Founder Justin Sun Teases Buying X Chinese Rival Weibo

Tron Founder Justin Sun has sparked industry curiosity with fresh talks about buying Weibo, a Chinese social media version of Elon Musk's X
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Tron Founder Justin Sun Teases Buying X Chinese Rival Weibo

Highlights

  • Justin Sun is mulling buying Chinese social media firm Weibo
  • His projections takes similarities to Elon Musk and X acquisition playbook
  • Sun plans to grow Weibo and potentially incubate other businesses

Tron Founder Justin Sun has triggered a conversation on X in what appears he is mulling buying the social media platform’s rival. Justin Sun is one of the most prolific investors in the market with a record of buying viable startups in the past.

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Justin Sun Touted as Low-Key Elon Musk

As the founder of Tron, Justin Sun has maintained a reputation as a top crypto investor. He maintains a public profile as the majority of his trades get reported by mainstream crypto media. Considered one of the richest in the space, he has set his eyes on the Chinese social media application Weibo.

 

According to the Translation of his post on X, Justin Sun presented the prospects of Weibo. First he noted that the social media is outfit is worth just about $2 billion. Despite this relatively low valuation, the platform rakes in an annual revenue of $300 million. The Weibo app, according to Justin Sun has a price-to-earnings ratio of only 6 times.

While Justin Sun is the brain behind the Tron DAO, he has also acquired BitTorrent file sharing protocol. Besides this, his portfolio extends to HTX Exchange where he claimed he only serves as an Advisor. He is also the face of Poloniex, the protocol that suffered a hack worth $123 million in December last year.

Despite the wealth of knowledge running different successful crypto ventures, the business of social media is different. He might be looking to borrow a leaf from Elon Musk who acquired X for $44 billion in 2022.

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The Attractions of Weibo

Besides the low valuation and high turn-over of Weibo, Sun noted that the platform has a high traffic. He also noted that the platform can incubate other businesses in the long term.

There are many reasons why this sounds a lot like Elon Musk’s move for X. Incubating other businesses is similar to the push for X Payments and XMail by the X app. While his post on acquiring the platform should be taken with a pinch of salt, the update has triggered the community as a whole.

Pending when new updates on the Weibo acquisition will come, Justin Sun has denied he long Bitcoin in a suspicious trade reported earlier.

Read More: Crypto Community Stunned As Elon Musk Shuns X Censorship Immunity Deal 

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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