© Reuters
Investing.com – Arguably in order to avoid a lawsuit he believed had a good chance of losing, Elon Musk announced via an SEC filing yesterday that he would finally complete the takeover of Twitter (NYSE:) at 54.2 $ per share, or $44 billion.
According to SEC filings, Musk sent a letter to Twitter on Monday notifying it of his intention to proceed with the transaction. Meanwhile, Twitter released a statement saying it had received the letter and said, “The Company’s intention is to close the transaction at $54.20 per share.”
Faced with this turnaround, Twitter shares exploded higher by more than 22% yesterday, closing at $52, slightly below Musk’s proposed takeover price.
But these announcements also had a resounding impact on the cryptocurrency market. Indeed, the , known to be Elon Musk’s favorite cryptocurrency, exploded higher at exactly the same time as Twitter stock.
Dogecoin takes off amid hopes of Twitter integration
DOGE moved from $0.06050 around 6 p.m. to an overnight high of $0.06634, and at the time of writing is showing a 10% 24-hour gain, making it the best performing cryptocurrency in the top 10. .
Recall that Dogecoin is already accepted by Tesla (NASDAQ:), led by Elon Musk, for payments of merchandising products. Dogecoin fans therefore hope to see the crypto itself arrive on Twitter in one way or another, under the impetus of the new boss of the social network.
Indeed, Elon Musk has on numerous occasions published tweets of support for Dogecoin which, despite their humorous nature most of the time, often had a strongly bullish impact on the price of DOGE.
In addition to Elon Musk’s declared affection for Dogecoin, other more concrete information also gives hope that this cryptocurrency is integrated into Twitter. Indeed, as Techcrunch pointed out on September 29, recordings of Elon Musk’s phone conversations have been made public as part of the preparation for the lawsuit against Twitter.
However, these recordings revealed several ideas of Elon Musk for the social network.
“I have an idea for a blockchain social media system that does both payments and short text messages/links like twitter. spam and bots. There’s no throat to choke, so freedom of expression is guaranteed,” Musk said, according to the recordings.
The Tesla boss then elaborated on his idea, specifically mentioning Dogecoin:
“My plan B is a blockchain-based version of twitter, where ‘tweets’ are integrated into the commenting transaction,” he told Steve Davis, president of The Boring Company. “So you would have to pay maybe 0.1 doge per comment or repost of that comment.”
Separately, in April, during a conversation with an Argentinian Twitter user about the cost of Twitter Blue, a premium subscription service, the Tesla CEO suggested allowing users to pay the $3 monthly. in Dogecoin.
Recall that a few weeks after giving his intention to buy Twitter on April 25, Musk quickly tried to back down, citing a lack of transparency from Twitter regarding spam and fake account data. As a result, Twitter sued Musk to force him to complete the takeover. The trial was to take place on October 17. Now it’s rumored that Musk’s takeover of Twitter could be finalized as early as Friday, which could give Dogecoin an extra boost.