Elon Musk’s reopened interest in microblogging and social networking service; Twitter has led to an 8.2 percent price boost for popular cryptocurrency; Dogecoin.
The love story between Twitter and the Chief Executive Officer (CEO) of Tesla; Elon Musk first made headlines in April of 2022 when he purchased a total of 70 million shares in Twitter which translated to 9.2 percent of the company. Not long after, the Billionaire pledged to purchase the social media platform for a total of 44 billion United States Dollars (USD) which is around 5.32 trillion Kenyan Shillings, and modify it into a private entity.
Although Twitter accepted the multi billion Dollar deal, Elon Musk moved to change his mind and instead decided to press pause on the deal, stating that Twitter has to sort out a number of issues like dealing with scams on the platform and fake accounts on the platform.
Read Also: Elon Musk Is Now Twitter’s Largest Shareholder With A 3 Billion Dollar Stake
By July of 2022 the Billionaire made it known that Twitter had still not, “complied with its contractual obligations.” As a result, he decided to end the agreement.
Now in a surprising turn of events reports on the 4th of October 2022 made it known that Elon Musk had decided to renew his desire to purchase Twitter for around 54.20 United States Dollars (USD) which is around 6,550 Kenyan Shillings per share or around 44 billion United States Dollars (USD) which is around 5.32 trillion Kenyan Shillings and the initial bid.
Even though Dogecoin is not in any way connected to the Twitter deal, its price also experienced a boost.
Read Also: Twitter Users Could Soon Be Able To Edit Their Tweets
The cryptocurrency hit a boost of around 8.2 percent. Observers believe the boost was due to the fact that Elon Musk has been one of the most vocal supporters of the cryptocurrency and has also been influential in trying to improve the memecoin.
It is important to keep in mind that American multinational automotive and clean energy company; Tesla had earlier in 2022, made it possible for all consumers to purchase any of its company products in Dogecoin.
How informative was this particular article? Are there any other news topics, categories, or How To topics, that you would like us to write on? Feel free to reach out to Nexbit KE in the comment section.
