Crypto-Friendly Funders to Finance Musk Twitter Bid; Block Bitcoin Revenue Falls

Elon Musk is getting some help for his Twitter bid from a few crypto-friendly funders, which could add momentum to decentralize Twitter or move it to a blockchain. But with a recent report that Musk may seek to take the company public again in three years, it’s unclear if that ambition is realistic. 

A new Securities and Exchange Commission filing Thursday revealed that Binance, the biggest crypto exchange in the world, is investing $500 million to help Musk finance the Twitter acquisition. On the list of 18 investors joining Musk, Binance is the fourth largest funder. Among the other crypto-friendly backers: venture-capital firms Andreessen Horowitz and Sequoia Capital, which both have extensive crypto investing operations, and DFJ Growth IV Partners, which has backed crypto exchange Coinbase and back-end blockchain services startup Alchemy. Oracle Chairman Larry Ellison, the largest investor joining Musk with $1 billion, has also toyed with crypto, setting up a decentralized autonomous organization for his sailing league, working with Near Protocol.