Dogecoin Pumps on Elon Musk’s Offer to Buy Twitter

AnalysisDogecoin Pumps on Elon Musk's Offer to Buy Twitter



Yuri Molchan

Dogecoin has shown brief rise on news of Elon Musk’s offer to turn Twitter into private company; meanwhile, Justin Sun now wants to buy Twitter at higher price

Contents

After Elon Musk disclosed his offer to buy 100% of Twitter shares at $54.20 per share, the price of his favorite cryptocurrency—Dogecoin—went up nearly 6%, printing two big green hourly candles on charts.

It jumped from $0.1392 to $0.1475. By now, however, Dogecoin has retraced to $0.1451.

Musk offers to buy Twitter

The biggest Dogecoin fan, Musk, offered to buy Twitter for $41 billion in cash since, according to the SEC filing, he sees great potential in turning the microblogging company into a platform for free speech around the world.

To do that, Musk says, the company needs to undertake certain changes, and they can be best handled by a private company. Some assume that Musk intends to fire the current Twitter management should his offer be accepted. Twitter is considering it at the moment.

Some believe, however, that Musk has made this offer to get rid of his Twitter stock at a price higher than when he bought his 9.2% stake. If his offer is rejected, he stated that he will have to reconsider his position as a shareholder.

The Twitter share price surged from 41.96 EUR on the news to 47.46 EUR. By now, TWTR is trading at 45.08 EUR per share.

Justin Sun offers a higher price per Twitter share

Former Tron CEO Justin Sun has also offered to buy Twitter after the news of Musk’s offer was announced. Sun offered $60 per share.

In a Twitter thread, Sun clarified that he wants to move Twitter offshore and make its work force decentralized. Besides, he wants to change Twitter into a “more open and decentralized Web3 framework that is open source and friendly to developers.”

Earlier, when Elon was invited to join the Twitter board (which he rejected), he proposed accepting Dogecoin for Twitter Blue premium subscriptions.



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