The sale of the social network Twitter by Elon Musk was confirmed last night. The CEO of Tesla and SpaceX said he wanted to make the platform’s algorithm open source, in addition to wanting to clean it up from the many bots that swarm on it. The price of Dogecoin (DOGE) took advantage of this to explode by more than 30% during the afternoon.
Elon Musk buys Twitter network
Yesterday, Elon Musk, the CEO of Tesla and SpaceX, known in particular in the cryptocurrency world for his releases on the Dogecoin (DOGE) yesterday acquired the Twitter platform (TWTR).
Elon Musk bought all the shares of the company at $54.20 per share, which is the amount of his initial offer. This was the amount of his initial offer, which he defined at the time as the first and last offer, since he would not go any higher. The total amount of the transaction reached 44 billion dollars.
The former Twitter shareholders all received $54.20 for each of their shares, which is a 38% increase in value compared to the closing price of TWTR shares on 1 April 2022, shortly before Elon Musk announced his purchase of a 9.2% stake in Twitter.
Twitter chairman Bret Taylor said the proposal was primarily considered through an economic lens:
The Twitter board conducted a thoughtful and comprehensive process to evaluate Elon’s proposal with a deliberate focus on value, certainty and financing. The proposed transaction will deliver a substantial cash premium, and we believe this is the best path forward for Twitter shareholders. “
Following the announcement of the sale of the social network, Elon Musk tweeted to celebrate the event, mentioning freedom of speech and announcing that new measures would be put in place, such as the removal of bots that swarm and the authentication of accounts. He also announced that the platform’s algorithm will be made open source.
Dogecoin (DOGE) is on the rise
Elon Musk has in any case received the support of Jack Dorsey, the former CEO of Twitter, who said:
“Elon is the only solution I trust. […] In principle, I don’t think anyone should own or run Twitter. It is a public good, not a business. However, to solve the problem of Twitter being a business, you need Elon, and only Elon… This is the right way… I believe it with all my heart. “
As is often the case with Elon Musk’s statements, the price of DOGE rose quickly, initially on rumours of a confirmed sale, before exploding to $0.17 by 9pm.
In total, DOGE’s share price rose 37% in just half a day.
DOGE 48 hour price
We can now expect to see more and more DOGE price shocks following Elon Musk’s purchase of Twitter. Indeed, it could well be that the cryptocurrency is mixed with the social network in some way.
We remember that Elon Musk had allowed DOGE holders to buy products on Tesla’s website thanks to memecoin, causing its price to rise by 27% in just 5 minutes.
