Elon Musk’s offer to acquire 100% of Twitter shares for $54.20 per share caused the price of his favourite cryptocurrency, Dogecoin, to rise by over 6%. The price of Dogecoin increased from $0.1392 to $0.1475. However, it has already retraced to $0.1451.
Elon Musk’s Twitter offer
Musk, the most ardent supporter of Dogecoin, has offered to acquire Twitter for $41 billion. He sees significant potential in transforming the microblogging firm into a global platform for free expression. To do so, Musk claims that the organization must undergo certain transformations and better management. Some speculate that if Musk’s offer is accepted, he will dismiss the present Twitter administration.
Some believe Musk made this offer to sell his Twitter stock at a greater price than what he purchased. He recently purchased 9.2% ownership in Twitter. He indicated that if his bid is rejected, he will have to reevaluate his position as a shareholder.
Following the announcement of Musk’s bid, former Tron CEO Justin Sun has also offered to acquire Twitter. Sun was willing to pay $60 per share.
Sun clarified in a Twitter conversation that he intends to transfer Twitter abroad and decentralise its workforce. Furthermore, he wishes to transform Twitter into a more open and decentralised Web3 platform that is open source and developer-friendly.
Twitter and Dogecoin
Elon Musk has previously advocated accepting Dogecoin for Twitter Blue premium subscribers when he was offered to join the Twitter board (which he declined).
On the announcement, Twitter’s share price jumped from 41.96 EUR to 47.46 EUR. TWTR is now trading at 45.08 EUR per share.
