Who said billionaires are above drama? Yesterday afternoon, the former Twitter (TWTR) CEO Jack Dorsey got on venture capitalist Marc Andreessen’s last nerve. Dorsey posted a screenshot of a blocked account operated by the billionaire, writing “I’m officially banned from web3.” After a series of provocative tweets and actions from Dorsey, asserting that the so-called decentralized and new generation of the internet is not all that it’s cracked up to be, the cofounder of Andreessen Horowitz had had enough.
However, Dorsey is not alone. In response to his tweet, this morning, Marc Benioff, the CEO of Salesforce, snapped his very own locked page screenshot, noting “You are late to this party.” It is abundantly clear that Dorsey has been highly critical of statements and assertions from Andreessen Horowitz partners, even calling one out by saying “You’re a fund determined to be a media empire that can’t be ignored…not Gandhi.”
Often referred to as a16z, the venture capital firm is known to invest heavily in tech companies, and has lately been interested in those which dabble in the evolving concept of Web3. These include companies engaged in fields like the metaverse, cryptocurrencies, and cybersecurity, among others.
Web3 is touted as an open and decentralized iteration of Web2, one to be owned and run by the individuals involved in it. This is in contrast to the few large social media companies and others that benefit from user generated content, which characterizes Web2.0. Dorsey argues that while Web3 may redirect the power and influence from big media companies, it is instead flowing to venture capital firms, and not to smaller entities.
Disclosure: At the time of publication, Brock Ladenheim did not have a position in any of the securities mentioned in this article.
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