CZ's Investment in Twitter Could See Triple Returns, $500 Million Entry Could Yield Nearly $1 Billion in Unrealized Gains

BlockBeats News, May 16th. According to publicly disclosed information, on the eve of Musk's acquisition of Twitter in 2022, CZ and the Binance platform had invested $500 million to participate in the acquisition. Now, through the merger of xAI and X, followed by the merger into SpaceX, CZ's return on investment may have reached approximately 3x.

Based on a rough calculation of the overall equity structure, out of the $44 billion acquisition of Twitter, approximately $33.5 billion was equity financing, with CZ's $500 million investment accounting for about 1.49% of the entire X shareholder pool. Currently, X shareholders collectively hold about 5% of SpaceX. If SpaceX eventually goes public with a valuation of $2 trillion, the corresponding equity value would be around $100 billion.

Based on this calculation, CZ's indirect stake in SpaceX is approximately $1.49 billion, representing a potential unrealized gain of about $990 million compared to the initial $500 million investment. In comparison, Saudi Prince Alwaleed bin Talal's return is over 7x, and Gerber Kawasaki's CEO expects his return to be 2.5-3x.

However, this valuation still depends on SpaceX's final IPO pricing and equity dilution structure. Actual returns will be subject to the final listing and distribution plan. In this complex M&A path of "Twitter → xAI → SpaceX," early participants have significantly reassessed their overall returns, potentially becoming a typical case in the restructuring of technology capital.