Elon Musk’s Twitter Bid Retains Support from Binance, Sequoia Capital For Web3 Push

Sequoia Capital and Binance have pledged $800 million (roughly Rs. 6,600 crore) and $500 million (roughly Rs. 4,100 crore) to Musk’s final bid.

Written by Radhika Parashar, Edited by Richa Sharma | Updated: 12 October 2022 09:52 IST

Elon Musk’s Twitter Bid Retains Support from Binance, Sequoia Capital For Web3 Push

Photo Credit: Reuters

Elon Musk and Jack Dorser recently discussed shifting Twitter to blockchain

Highlights

Elon Musk to finalise Twitter buyout by October 28
Binance and Sequoia Capital not looking to pull back funding in the deal
Binance and Sequoia Capital aim to use Twitter to expand crypto culture

Elon Musk's Twitter takeover for $44 billion (roughly Rs. 3,61,900 crore) has been a hot topic for a large part of this year already. Now that Musk's stance on whether or not to go with the deal is coming closer to confirmation, Binance crypto exchange and tech-focussed Sequoia Capital is backing the completion of this bid. Both the crypto-focussed firms believe that Musk's Twitter takeover could make for a milestone turn in the global promotion, expansion, and adoption of the crypto sector as the next phase of the fintech sector.

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

The companies are hoping that the deal comes through so that Web3 could get a major social media push.

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

Recently, a bunch of leaked messages between Musk and Twitter co-founder Jack Dorsey indicated that the duo had been dabbling in the idea of moving Twitter to blockchain, eliminating its dependency on government-controlled, centralised systems.

Musk validated Dorsey's proposal calling it a “super interesting idea”.

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Around May, Dogecoin prices had seen a significant climb after the Tesla CEO pitched the memecoin as a payment option for users seeking to avail Twitter Blue services.

Yes, should be proportionate to affordability & in local currency
— Elon Musk (@elonmusk) April 10, 2022

Musk's intrigue in such ideas seemingly paves a way for crypto-friendly Twitter functioning, if he finalises the purchase of the microblogging site.

Earlier this month, the court gave Musk the deadline up to October 28 to finalise the deal.

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

Musk, however, began reneging on the Twitter buyout, claiming that the company hadn't levelled with him about the number of spam and bot accounts among its more than 230 million users.

Twitter says Musk has buyer's remorse and his concerns are a pretext to get out of a deal.

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Further reading: Cryptocurrency, Elon Musk, Twitter Deal, Binance, Sequoia Capital

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More