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April 15, 2022

What Elon Musk’s Offer to Buy Twitter Means For Dogecoin

Following a 9.2 percent share acquisition earlier this month, eccentric Tesla/SpaceX CEO Elon Musk has proposed to buy social media platform Twitter for a total of $43 billion.

Elon Musk has proposed to buy 100% of Twitter stock for $54.20 per share in cash via a text message to Twitter Chairman Bret Taylor, which has been reproduced in a filing with the United States Securities and Exchange Commission (SEC). The $54.20 per share price represents a 38% premium over the day before Musk’s purchase in Twitter was made public.

Twitter now has 800.64 million shares, implying that Musk’s offer values the social media behemoth at at $43.4 billion. The eccentric tech billionaire announces unequivocally that the offer is his best and final.

On April 4, the world’s richest person and founder of Tesla made news when purchasing a 9.2 percent interest in Twitter for an estimated $2.89 billion, making him the company’s largest individual stakeholder. This was quickly followed by the announcement that Musk will be joining the board of directors of the corporation.

However, three days earlier, Twitter current CEO Parag Agrawal stated that Musk would no longer be joining the board, stating that he believed it was for the best.

Musk’s favorite cryptocurrency, Dogecoin (DOGE), rallied up10% last week after news of his investment in Twitter fueled speculation that it could be integrated into the site. Later, Musk proposed that the social media platform accept DOGE payments for Twitter Blue subscriptions.

Dogecoin surged 6.0 percent today as rumors of Musk’s potential takeover of Twitter spread, before trimming gains. As of press time, the renowned meme-inspired cryptocurrency was trading at $0.141.

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Despite Musk’s continuous support, DOGE is currently 80.5 percent behind its historic high of $0.731578 set in May. If Twitter accepts Elon Musk’s acquisition offer, Dogecoin could see another brief boom.