Elon Musk buys Twitter, the price of Dogecoin (DOGE) explodes

Elon Musk buys the Twitter network

Yesterday, Elon Muskthe CEO of Tesla and SpaceX, known in particular in the cryptocurrency community for his releases on Dogecoin (DOGE) yesterday acquires the Twitter platform (TWTR).

Elon Musk has thus bought back all shares of the company at $54.20 per share, which corresponds to the amount of its initial offer. An offer that he had then defined as the first and last, insofar as he would not go higher. The amount transaction total reached $44 billion.

The former Twitter shareholders thus all received $54.20 for each of their shares, which constitutes a 38% capital gain compared to the close of TWTR stock on April 1, 2022, shortly before Elon Musk announced his purchase of 9.2% of Twitter shares.

Chairman of the Board of Directors of Twitter, Bret Taylorindicated that the proposal had mainly been studied through an economic axis:

“Twitter’s Board of Directors conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty and funding. The proposed transaction will generate a substantial cash bonus, and we believe it is the best way forward for Twitter shareholders. »

Following the formalization of the sale of the social network, Elon Musk tweeted to celebrate the event, evoking freedom of expression and announcing that new measures were going to be put in place, such as the bot removal which swarm or account authentication. He also announced that the platform algorithm will be made open source.

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The Dogecoin (DOGE) takes the opportunity to climb

Elon Musk has in any case received the support of Jack Dorseythe former CEO of Twitter, who said:

“Elon is the only solution I trust. […] In principle, I don’t think anyone should own or run Twitter. It is a public good and not a business. However, to solve the problem that Twitter is a business, you need Elon, and only Elon.[…] This is the right way… I believe in it with all my heart. »

As often with Elon Musk’s statements, the price of DOGE quickly climbedinitially following rumors of the confirmation of sale, before exploding until reach 0.17 dollars around 9 p.m..

In total, the DOGE course has evolved by 37% in just half a day.

DOGE course over 48 hours

We can now expect to see the DOGE price shake more and more often following Elon Musk’s purchase of Twitter. Indeed, it may well be that cryptocurrency is mixed into the network social one way or another.

We remember that Elon Musk had notably allowed DOGE holders to buy products on the Tesla site thanks to the memecoin, causing its price to rise. around 27% in just 5 minutes.

👉 To go further: Tesla, Block and Blockstream launch an eco-friendly Bitcoin (BTC) mining farm in Texas

Sources: PR Newswire, Tradingview DOGE/USDT

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About the Author : Maximilien Prue

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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make the blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
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