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Jack Dorsey And Marc Andreessen Can't Stop Sparring Over Web3

"As my first act as Chairman, the World Economic Forum is hereby renamed Wef3," Andreessen wrote on Twitter.

Venture capitalist Marc Andreessen already had Jack Dorsey blocked on Twitter  (TWTR) - Get Twitter, Inc. Report but, after the Block CEO called the World Economic Forum "useless," couldn't resist making one more spar over the future of the internet.

"The amount of attention @wef receives is inversely proportional to the org's usefeleness. (it's useless)," Dorsey, who stepped down as CEO of Twitter  (TWTR) - Get Twitter, Inc. Report last November, wrote on his account.

Andreessen, who cofounded early internet platform Netscape and was an early investor in Facebook  (MVRS) - Get Meta Report, jokingly named himself the new chairman of the organization and quote-tweeted Dorsey by saying that he would rename it Wef3 in reference to Web3. 

Professor Klaus Schwab is the actual executive chairman of the Geneva-based organization tasked with growing global industry.

"As my first act as Chairman, the World Economic Forum is hereby renamed Wef3," Andreessen wrote.

While the references may seem obscure to those who do not keep up with Twitter spars or future versions of the internet, Andreessen was referring to an online fight that he had with Dorsey in December — Dorsey had tweeted that companies like venture capitalist firms like az16 (which Andreessen co-founded) "own" the next generation of the internet by pumping money into it.

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"It will never escape their incentives," Dorsey tweeted at the time.

Andreessen then blocked Dorsey from his Twitter, to which the latter wrote that he had "been officially banned from web3."

While the concept is still obscure, web3 is a decentralized internet built on the blockchain — unlike the current version, it has the potential to have "shares" that are owned by users in the form of cryptocurrency tokens. 

Promoters say that it would be owned "by the people" and less dependent on corporate backing from the likes of companies like Meta and YouTube but, as Dorsey pointed it out, it can instead be subject to the whims of wealthy entrepreneurs who have a lot more money to buy shares than the average person.

As an early backer, Andreessen Horowitz has already poured over $3 billion into various crypto and web3 startups. Tesla  (TSLA) - Get Tesla Inc Report founder Elon Musk also expressed concerns over whether web3 will even work at all, writing that he or anyoen else "can’t find it."

But clearly incensed by the suggestion that he was masterminding web3, Andreessen then sent out another tweet ribbing Dorsey.

"It turns out I am the new Chairman of the WWE (World Wresting Entertainment)," he wrote.