Justin Sun and TRON DAO to spend billions of dollars to help a few struggling crypto companies

Justin Sun, founder of TRON Foundation (known as TRON DAO), said on July 8, that he and TRON DAO are prepared to invest up to $5 billion to save a few struggling crypto companies.

Sun is the CEO of Rainberry, Inc. He retired from his position as CEO of TRON in December 2021 to assume the position of Permanent Representative of Grenada to the WTO (which was formerly known as BitTorrent, Inc.).

Sun said in a tweet on Friday that he is prepared to assist businesses in the cryptocurrency space.

Sun reportedly told them that "many of" organizations have contacted him and/or TRON for assistance, and when questioned for an exact number, he reportedly claimed that they are in a predicament similar to Binance.

You might recall that on June 24, Binance Co-Founder and CEO CZ stated in an interview with Yahoo Finance that "50 to 100" financially troubled enterprises had approached his company with a proposition.

We are actively reviewing it and see what we can do here. We are ready to spend [$]5 b[illion] on helping the industry builder[s] to continue [to] build.

In addition, Sun also stated that TRON has asked an investment bank to assist them with any potential deals.

Sun further explained that the $5 billion sum consists of both his own funds and those of TRON DAO.

He responded when asked what kind of crypto businesses he was interested in. He said that platforms with a significant user base are of interest to us. platforms for both decentralized and centralized finance (CeFi).

Furthermore, Sun noted that he believes that the deleveraging process is at its worst right now. Therefore, all that is left to do is tidy up and proceed. Of course, I don't anticipate the market to be particularly positive.

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