Elon Musk – CEO of Tesla has reportedly renewed his intentions to acquire social media platform Twitter for an approximate amount of $44 billion.
As a result of this, the cryptocurrency that Musk is a vocal proponent of – Dogecoin saw its price increase by a notable percentage.
- This saga between Twitter and Elon Musk started in April this year when he purchased over 70,000,000 TWTR shares (9.2% of the company). And shortly after that, he vowed to buy the firm for $44 billion and also transform it into a private entity.
- After the multi-billion offer was accepted by Twitter, Elon changed his viewpoint which translated into putting the deal on hold due to certain problems that needed to be resolved by the platform before closing the deal with him, issues such as coping with scams and removing all fake accounts.
- In July, Musk reported that Twitter had not “complied with the obligations as written in the contract,” and as a result, he decided to terminate the agreement.
- However, yesterday in a sudden twist of events, it was reported that the entrepreneur had renewed his interest in the company and is willing to buy it for roughly $54.20 per share – or around $44 billion – which is the same as the original bid price.
- As soon as the news was released, the price of Dogecoin skyrocketed even though unrelated to the matter.
- The cryptocurrency exploded by around 8.2% after the news. This is because Elon Musk is one of the most popular backers of the memecoin and has spent both resources and time trying to improve it.
- Earlier this year, Tesla – the electric vehicle giant allowed its consumers to purchase company products in Dogecoin.
Featured Image Source: bitcoinist.com
