A16z disclosed that it will provide a $400 million financial backing to enable Elon Musk to acquire Twitter.
Leading venture capital firm Andreessen Horowitz has announced that it will invest the sum of $400 million to back Elon Musk’s Twitter acquisition bid in a bid to combat Twitter spam bots and censorship abuse.
The announcement was made today on Twitter by Benjamin Horowitz, the co-founder of the leading VC, who noted that the company is backing Musk’s Twitter acquisition bid because it believes in the vision of the social media company’s founders, Jack Dorsey and others.
1/First some news, we are joining Elon Musk’s bid for Twitter and investing $400MM into the company.
— benahorowitz.eth (@bhorowitz) May 5, 2022
According to Horowitz, Musk’s acquisition of Twitter will finally enable the social media platform to reach its full potential and what it was meant to be.
Horowitz noted that despite the fact that Twitter has a promising future, the platform has encountered several difficulties, including consistent abuse of censorship and bots.
Twitter being a public company only amplifies these issues as it is heavily reliant on its advertising model.
“Elon is the one person we know and perhaps the only person in the world who has the courage, brilliance, and skills to fix all of these and build the public square that we all hoped for and deserve,” Horowitz said.
Musk Focused on Eliminating Twitter Bots
Meanwhile, the reason behind Musk’s plan to acquire 100% stake of the company is to promote free speech on the microblogging platform and to wage a war against spam bots that have been used by bad actors to defraud unsuspecting victims of their cryptocurrencies.
Musk, the CEO and founder of American electric car company Tesla, said he would wage a war on these spam bots or die trying.
As reported today, Binance also disclosed that it committed $500 million to support Musk’s $44 billion Twitter takeover.
Follow Us on Twitter and Facebook.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.