Elon Musk’s purchase of Twitter appears to be nearing completion, as the flamboyant billionaire just paid a visit to the company’s headquarters. Musk’s initial moves have had an immediate impact on the Dogecoin price, which jumped more than 15%.
Entering Twitter HQ – let that sink in! pic.twitter.com/D68z4K2wq7
— Elon Musk (@elonmusk) October 26, 2022
Dogecoin and Elon Musk
It is a public secret that Elon Musk is a big fan of Dogecoin. The CEO of Tesla, SpaceX, and, most likely, Twitter, has spoken frequently about the meme-coin in the past years, often bumping the price. Musk even dubbed himself ‘Dogefather‘ as he appeared on Saturday Night Live in May of 2021. In this aspect, it is no secret that Musk’s entry into Twitter is pushing the Dogecoin price to rise. Dogecoin is by far the highest performing project in the top ten on these sunny days.
The Dogecoin price is now $0.07515 euros, with a market size of around $10 billion. Not bad for a project that began as a joke to demonstrate how simple it is to advertise a Bitcoin clone.
Musk Changes his Twitter Bio
Musk also altered his bio to “Chief Twit” not long after uploading the video of him stepping inside Twitter offices for the first time. On Friday, he is anticipated to address the company’s staff for the first time; the final contract between Musk and Twitter must also be completed on same day. Elon Musk will spend a total of $44 billion to purchase and delist the firm.
Not a bad amount, considering it is somewhat more than four times the whole market cap of Dogecoin, his preferred cryptocurrency. When the stock markets in the United States shut on Friday, Musk’s ownership of Twitter will be complete. The attorneys and bankers who are now working on the deal are in a race against time to make this deadline.
Twitter Shares Soar
In response to the news, the company’s stock has risen somewhat. Musk intends to pay $54.20 per share to acquire the firm. On the New York Stock Exchange on Wednesday, the company’s shares finished up 1.1 percent at 53.35 dollars. This shows that the stock is extremely close to the price at which Elon Musk will buy the firm.
The little discrepancy between the current share price and the amount at which Musk will acquire Twitter includes a small margin of possible failure of completing the deal. However, the likelihood of this happening appears to be low, which explains why the difference between the two rates is so modest. The transaction’s completion brings an end to a months-long soap opera in which it looked multiple times that the deal might not go through.
What Does Musk Taking over Twitter Mean for Dogecoin?
Elon Musk’s purchase of Twitter could be good news for Dogecoin. Indeed, chances are that Twitter will bring the meme cryptocurrency to its platform in the long run. There are already reports that Twitter is working on its own cryptocurrency wallet.
This claim comes from Jane Manchun Wong, a tech writer who is frequently first to report on such changes at the world’s largest tech firms. Wong is well-known for looking into the source code of major tech companies in order to identify fresh ventures.
This time, Wong learned that Twitter is creating its own crypto wallet, which is undoubtedly wonderful news for Dogecoin and the rest of the industry. Knowing Musk, we may anticipate some significant changes in the near future. After all, the flashy businessman is famed for his rapid pace of innovating.
Seven months ago, at the time already the largest private shareholder in Twitter, Musk publicly suggested to include DOGE payments on the social media platform, something that is already reality at Tesla, where Dogecoin is used to purchase merchandise.
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