Musk doesn't believe in the idea of a highly-decentralized internet.
The billionaire called Web3 more of a marketing slogan than reality. The context was intriguing as well, as Musk was responding to a clip of a Web3 advocate responding to a video of David Letterman ridiculing the idea of the internet in a 1995 interview with Microsoft CEO Bill Gates.
Proponents of Web3 say it is the next big thing that will one day replace internet, which is currently run by a few corporations.
Both Musk and Jack Dorsey agree that Web3 is a pipe dream. The tech is badly affected by that, considering Musk and Dorsey's influence on markets.
Has anyone seen web3? On Monday, Musk followed up with a very negative message. I can't find it.
It is somewhere between a and Z.
On Monday, he wrote, "You don't own 'Web3'." The VCs and their partners do. It will never be able to escape their incentives. It is a centralized entity with a different label.
Web3 is being controlled by a capital firm that supported Facebook early on and has advocated for it. In June, the firm's founder announced a $2.2 billion investment in the sector.
Critics argue that Web3 will never be a truly decentralization version of the internet because a growing number of venture capitalists are pouring money into the space in an effort to monetize and control it long term.
The news comes after Jack Dorsey stepped down as the CEO of Twitter to work full time at Block, formerly known as Square. The name suggests that Block has pivoted to focus on trading cryptocurrencies.
The CEOs of both Web3 and the two biggest advocates of cryptocurrencies are not giving up on the idea of cryptocurrencies.
While Musk still seems to be a firm believer in jokey alternative cryptocurrencies, he recently argued that the dollar will be replaced by Bitcoin.
As more and more money is poured into Web3 startups, the concept of a fully undefiled internet that is being controlled by individuals is shakier than ever.
With the likes of Musk and Dorsey turning their backs, advocates of Web3 will have an even harder time.
Here is what Web3 is and why it matters.
Musk has a meme about the crash of the cryptocurrencies.
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