Updated on January 09, 2023 12:50 PM
Elon Musk has finally acquired twitter, as his twitter bio says "Chief Twit?". But what does this mean for the future of Twitter and Dogecoin?
The long-awaited Twitter deal has finally happened. Elon Musk has officially acquired Twitter. And Musk's bio on Twitter now reads "Chief Twit." Soon after the acquisition, Musk fired the newly appointed Indian-origin CEO of Twitter, Parag Agrawal, Vijay Gadde - the head of legal policy, Ned Segal - CFO, and many others in top executive positions. This sounds so funny and yet interesting at the exact moment!
Elon Musk entered Twitter HQ with a bang!
Elon Musk has finally acquired Twitter by paying $44 billion. The funds for the same came from a variety of sources. Most of the amount Musk paid was via selling his Tesla shares. And the remaining was raised from different associations.
Musk finalized the deal on October 27. But we know the value of too much work. The story behind the acquisition is quite dramatic.
Elon Musk has often openly talked about his feud with Twitter. He has questioned Twitter's policy on free speech and spreading propaganda. The story started in March 2022 when Musk gave some thoughts on creating a new social media platform. While some users suggested, Musk buy Twitter to make it a better venue!
On April 4, Twitter released a statement that Musk had acquired a 9.2% stake in the company. On the next day, April 5, the former CEO of Twitter, Parag Agrawal, tweeted - "we are excited to welcome @elonmusk to our board! We believe Musk can bring great value to our board."
And then, a week later, Musk took a major U-TURN. Parag announced that Musk would not be joining the board. In the same week, Musk openly criticized the platform and how it is dying, the low frequency of tweets from known figures on Twitter, and spam accounts.
On April 14, Musk proposed an offer to buy the entire company at a valuation of $43 billion, $54.20 per share. Later, Musk demands that the top executives provide a full report on the number of spam accounts on the platform. Musk might pull out of the deal if they fail to do so. The executives could not provide a report, and Musk did what he said.
On July 12, Twitter sued Musk. The company said that he violated his commitment to buy the company. And the deal obliged many vital decisions that are hard to take back. Musk should buy Twitter on facing a legal battle in court.
But finally, things became clear. And now, Musk officially owns 100% of Twitter.
Between this messed up argument between Twitter and Musk, we must remember Dogecoin!
There is a correlation between Elon Musk, Twitter, and Dogecoin. Whenever Musk had something to do with Twitter, the prices of DOGE surged by a massive amount.
Following Musk's announcement of acquiring a 9.2% stake in Twitter, the price of DOGE surged from $0.1464 to $0.1725 in a few days.
On April 14, when Musk proposed his deal to buy Twitter, DOGE prices saw a little momentum. Finally, when Musk acquired Twitter on Thursday, the price of DOGE was up by 22%. Musk has always been a supporter of DOGE. And that is probably the Twitter deal correlated with its price.
What do you think will Elon Musk be able to make Twitter a better platform? And where is DOGE headed next?
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