As news arises that Elon Musk has apparently changed his mind about the Twitter purchase, the crypto world – especially Dogecoin – is seeing positive side effects about the stipulations regarding the world’s richest man acquiring the social media platform.
A few months back, Elon Musk and the Twitter board went back and forth about the purchase of the platform.
Musk’s problems with Twitter began in April when he agreed to buy the business for $25 billion.
Soon after, he began to exhibit symptoms of buyer’s remorse, claiming that Twitter had deceived him about the size of its user base and the prevalence of artificial accounts known as bots.
Musk appeared to be retracting from the purchase – which caused the Twitter board to sue the billionaire, in an attempt to force him to continue with the purchase.
However, just two weeks before the set court date – Elon Musk announced that he agreed to Twitter’s terms, and will be continuing the acquisition.
Attorneys for Mr. Musk stated in a letter that he wanted to proceed with the deal awaiting receipt of the money and the resolution of the court battle.
A Twitter spokesman said the business had received the proposal, adding that “the company’s aim is to conclude the transaction at US$54.20 per share” – the amount Mr. Musk pledged in April.
The apparent victory for Twitter propelled its stock up more than 20% to more than $52 a share, totaling a US$25 billion acquisition.
However, the value remained lower than the takeover price, indicating that investors remain skeptical that the deal would be completed.
Later that day, Musk tweeted:
“Buying Twitter is an accelerant to creating X, the everything app”.
Good News For Doge
After the news about the Twitter purchase continue to appear, Dogecoin saw its price value skyrocket by 8% in a matter of hours.
In recent years, the meme coin was the target of countless promotions from Musk, who is one of Dogecoin’s biggest endorsers.
Dogecoin could have a crucial role in the potential future of Twitter. On October 1st, it was reported that – after the purchase – Elon Musk was planning on adding a payment system to Twitter. Exclusively Dogecoin.
The potential for Dogecoin growth could be immensurable if the cryptocurrency manages to become the payment system for one of the world’s largest social media platforms.
Twitter’s stock value also saw a significant increase with the news that Elon Musk is finally set on finalizing the purchase.
Twitter Inc BDR rose by nearly 20% after the news arrived, signaling that investors are optimistic about the future of the platform – once it gets on Musk’s hands.