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 algorithm of the platform open source, in addition to wanting to clean it from the many bots that swarm there. The price of Dogecoin (DOGE) took the opportunity to explode by more than 30% during the afternoon.
Elon Musk buys the Twitter network
Yesterday, Elon Musk, the CEO of Tesla and SpaceX, known in particular in the cryptocurrency community for his releases on Dogecoin (DOGE) yesterday acquired the Twitter (TWTR) platform.
Elon Musk thus bought all the shares of the company at $ 54.20 per share, which is the amount of his initial offer. An offer that he had then defined as the first and last, as long as he would not go 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 April 1, 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:
“Twitter’s 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 formalization 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 the swarming bots or the authentication of accounts. He also announced that the platform’s algorithm will be made open source.
Dogecoin (DOGE) is taking advantage of this to climb
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 in it with all my heart.”
As is often the case with Elon Musk’s statements, the price of DOGE quickly climbed, initially following the rumors of the confirmation of a sale, before exploding to reach $0.17 around 9pm.
In total, the DOGE price moved 37% in just one half-day.
We can now expect to see more and more DOGE price movements following the purchase of Twitter by Elon Musk. Indeed, it could well be that the cryptocurrency is mixed up with the social network in one way or another.
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.
