Elon Musk to Buy Twitter for $44 Billion Dogecoin Price Soared 24%

Elon Musk to Buy Twitter for $44 Billion Dogecoin Price Soared 24%

Elon Musk to Buy Twitter for $44 Billion Dogecoin Price Soared 24%

Dogecoin (DOGE) quotes reacted with a sharp increase to the news about the decision of Twitter management to sell the social network to Elon Musk. Over the past day, the meme-cryptocurrency has grown by 24.2%, according to CoinGecko.

On the evening of April 25, the price of DOGE reached $0.17 at the moment. Currently, the rate has corrected to around $0.15.

Hourly DOGE/USDT chart on Binance. Data: Trading View.

The sharp rise allowed Dogecoin to dislodge Polkadot from the 10th line of the cryptoasset capitalization rating.

Data: CoinGecko.

According to press release Twitter management accepted Elon Musk’s offer to take over the social network for about $ 44 billion. The head of Tesla will pay $ 54.2 per share – 38% more than their value as of April 1, when Musk acquired a 9.2% stake companies.

The deal is expected to close by the end of 2022. After that, Twitter will become a private company. Shares can be bought and sold only on the over-the-counter market.

Also See: What is Dogecoin(DOGE) Crypto Price Prediction 2022, 2025 & 2030?

To buy the social network Mask singled out $21 billion from personal funds. Another $25.5 billion was provided to the entrepreneur by a group of banks led by Morgan Stanley.

Earlier it became known that the leadership of Twitter changed attitude to the billionaire’s proposal. A new round of negotiations took place after filing with SEC documents on attraction of financing in the amount of $46.5 billion.

Twitter’s independent chairman Bret Taylor said the board had carefully considered the takeover and concluded it was “the best course of action for shareholders.”

Commenting on the deal, Musk said he hopes his fiercest critics won’t leave the platform, “because that’s what freedom of speech means.”

Musk also called Twitter a “digital city square” where vital questions about the future of humanity are discussed.

“I want to make Twitter better than ever by adding new features, making algorithms open to increase trust, defeating spambots, and authenticating all people. Twitter has huge potential – I look forward to working with this company, ”he wrote.

The founder of the social network, Jack Dorsey, welcomed the decision of the board of directors. He emphasized that Musk’s goal – to create “the most reliable and open platform” – is correct. It echoes the tasks of the current head of the social network, Parag Agrawal.

“Thank you both for pulling the company out of a desperate situation. This is the right way… I believe it with all my heart. I’m so happy that Twitter will continue to serve the public conversation. Around the world and into the stars!” Dorsey wrote.

April 14 the head of Tesla offered to buy the social network for more than $43 billion. He explained it intention to create an “inclusive arena for free speech”rather than the desire to make money.

Recall, Ethereum co-founder Vitalik Buterin supported Twitter takeover by Musk, but he doubted the positive effect in general from the transition of media platforms into the ownership of billionaires.

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