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Will Twitter Get More Crypto-Friendly With Musk’s Investments From Binance And a16z?

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Will Twitter Get More Crypto-Friendly With Musk’s Investments From Binance And a16z?

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Tesla Inc TSLA CEO Elon Musk has landed backers for his buyout of social media platform Twitter Inc TWTR.

What Happened: Agreements were reached with 19 total investors, including 18 new companies to help facilitate Musk’s $44 billion buyout of Twitter.

Among the investors were two names that are well known in the cryptocurrency space: Binance and a16z.

Cryptocurrency platform Binance is contributing $500 million towards the acquisition.

“We hope to be able to play a role in bringing social media and web3 together and broadening the use and adoption of crypto and blockchain technology,” CEO Changpeng Zhao told The Block Crypto. He called the $500 million “a small contribution to the cause.”

Another contributor to the new funding was a16z, which is committing $400 million for the acquisition. A16z, also known as Andreessen Horowitz, is a well-known venture capital firm. Co-founder Ben Horowitz shared news of the investment and the reasons why in a thread on Twitter.

“We are joining Elon Musk’s bid for Twitter and investing $400MM into the company. We invested, because we believe in Ev and Jack’s vision to connect the world and we believe in Elon’s brilliance to finally make it what it was meant to be,” Horowitz said, referencing Twitter co-founders Evan Williams and Jack Dorsey.

“While Twitter has great promise as a public square, it suffers from a myriad of difficult issues ranging from bots to abuse the censorship.”

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