Billionaire Larry Ellison and Binance, the world’s largest cryptocurrency exchange, have committed $500 million to Elon Musk’s $44 billion bid to acquire Twitter and Binance CEO Changpeng Zhao took to Twitter to share the news, calling it “a small contribution to the cause.” Oracle co-founder Larry Ellison, will invest $1 billion, followed by venture capital company Sequoia with $800 million.
With them, there is a total of 18 Capital investors who have committed to invest in Elon musks twitter buyout. With the backing of Binance and Elon musk on steering only time will say if this is good for web 3 and decentralized web. Musk frequently expresses about cryptocurrencies like Bitcoin, Ether and he is fond of the meme coin Doge. and others. In the past, he had a significant influence on cryptocurrency adoption, price increase, and slump with his tweets. With access to millions of Twitter customers, I am sure he is going to establish a long-term impact on many things that are happening in the world.
Elon Musk has always been leaning towards Web3 technology and decentralization. With him on board, I feel optimistic about twitters future and decentralized web at the same time I cannot ignore the fact that his mega social media reach can act as a double-edged sword in shaping the future of the Internet.
