Elon Musk's Twitter offer bolsters Binance and Sequoia Capital for Web3 Push

Elon Musk's Twitter offer bolsters Binance and Sequoia Capital for Web3 Push ...

Elon Musk''s Twitter buyout for $44 billion (roughly Rs. 3,61,900 crore) has been a hot topic for a large part of this year already. Binance crypto exchange and tech-focused Sequoia Capital are putting their efforts to the test. Both the crypto-focused firms believe that Musk''s move might mart the global promotion, expansion, and adoption of the crypto sector.

Both Sequoia Capital and Binance have agreed to allocate $800 million (roughly Rs. 6,600 crore) and $500 million (roughly Rs. 4,100 crore) to Musk''s final goal.

The companies are hoping that the agreement will be reached, ensuring that Web3 may gain an enormous social media boost.

Musk, an avid supporter of the Dogecoin, is a pro-crypto billionaire who does not shy away from speaking on the subject on public forums.

A series of leaked emails between Musk and Twitter co-founder Jack Dorsey recently indicated that the pair had been dreading about moving Twitter to blockchain, reducing its dependence on government-controlled, centralised systems.

Musk has validated Dorsey''s suggestion, which she calls a phony proposition.

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Dogecoin''s prices had risen in May, according to Tesla CEO Jeff Sessions, which included the memecoin as a payment option for Twitter users.

Yes, it should be proportionate to affordability and in local currency.

If Musk completes the purchase of the microblogging site, Musk''s intrigue in such ideas suggests a way for crypto-friendly Twitter functioning.

The court has given Musk the deadline to finish the deal earlier this month.

Musk purchased a 9.2 percent share in Twitter in April this year, and two weeks later, he offered to purchase the company for $44 billion.

Musk, however, began retaliating on the Twitter buyout, claiming that the company had not met with him about the number of spam and bot accounts that have accumulated among its more than 230 million users.

Musk has a buyer''s remorse, and his fears are a pretext to flee from a transaction, according to Twitter.