How will Dogecoin react to Elon Musk’s $43 billion Twitter move?

Elon Musk recently announced a hostile takeover bid for Twitter for $43 billion, meaning the world’s richest man will pay $54.20 per share for 100% of the company.

How will Dogecoin react to Elon Musk’s $43 billion Twitter move?

In a filing with the Securities and Exchange Commission (SEC) on April 13, it was stated that Mr. Musk believed Twitter had “the potential to be a worldwide free speech platform”;

“I’m proposing to buy 100% of Twitter for $54.20 per share in cash, at a 54% premium for the day before I start investing in Twitter and 38% for the day before my investment is public. My offer is the best. and my final offer and if it is not accepted I will have to reconsider my position as a shareholder”

Twitter did not accept Musk’s request to buy all of the company’s outstanding common stock. The non-binding bid has been confirmed to have been received, and the Twitter Board will carefully review it at 10:00 a.m. ET.

Upon the announcement, Twitter shares jumped to over 13% and jumped into the news; In the long run, looking at the past few weeks, the stock is up $12.82 (38.81%) last month.

Musk Twitter bid. Source: Bloomberg

How will this affect DOGE?

In response to the news, Dogecoin (DOGE) increased its market cap by nearly $1 billion, from $18.44 billion to $19.36 billion in ten minutes. DOGE’s price jumped from $0.139 to $0.1459 at the same time, and volume increased by $140 million.

DOGE 1 day price. Source: CoinMarketCap

Currently, DOGE is trading at $0.1447, up 4.34% last week and 1.03% over the previous seven days, according to data from CoinMarketCap.

Meanwhile, Dogecoin has been losing ground for months after hitting a high in May 2021, causing some investors to question whether it is still a good investment.

Source: Teknolojioku Rss by

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