There are reports that Tesla CEO Elon Musk is likely to become the new owner of Twitter. The entrepreneur is an ardent supporter of Dogecoin, and rumors have caused the price of Dogecoin to surge 15%.
The world’s richest man, Elon Musk, has had countless interactions with the social media platform Twitter over the past few months. A few weeks ago, the Tesla CEO purchased more than 70,000,000 shares of the company (9.2% of the platform’s total shares). He is also expected to join Twitter’s board of directors. Shortly after, however, Musk reversed his decision. Twitter CEO Parag Agrawal didn’t give a reason for the U-turn, but said: “It’s for the best.” The saga didn’t stop there. A few days later, Musk offered $43 billion for the social media company. He said Twitter had “extraordinary potential” that could be unlocked with his help. According to recent reports, the two sides will indeed shake hands and make an official announcement, possibly as early as today, April 25. Shares of Twitter rose 3% in premarket trading shortly after the news. Additionally, the Tesla CEO’s comments and efforts have had a major impact on the cryptocurrency market, especially his favorite coin, Dogecoin. So it’s no surprise that DOGE has surged more than 15% since the news of the possible acquisition. Like most other digital assets, the first-ever memecoin started out in deep red and was trading around $0.124, while currently hovering near $0.15. Entrepreneurs often extol the virtues of DOGE. At the end of 2021, he believes the coin is more suitable for payments than Bitcoin. Nearly a month later, his electric car giant Tesla accepted memecoin as a payment method. Needless to say, Dogecoin’s dollar valuation soared by double digits almost immediately on the news.