Elon Musk paid around $44 billion for Twitter. So, how does this affect the cryptocurrency market?
In a $44 billion deal, Elon Musk acquired Twitter on April 25, 2022. This happened just 21 days after Musk acquired a 9.2% stake in Twitter Inc. on April 4.
During the purchase announcement, Bret Taylor, Twitter’s independent chairman of the board of directors, stated that the company’s board “conducted a careful and exhaustive process to examine Elon’s bid with a deliberate focus on value, certainty, and finance.” “The proposed deal would result in a significant financial benefit for Twitter shareholders, and we think that this is the wisest course of action for everyone,” he continued.
In a statement, Elon Musk stated, “I invested in Twitter because I believe it has the potential to become a platform for personal freedom, and I believe that freedom of expression is a societal need for a functioning democracy.”
He went on to say that he wants to produce something special “By adding new features, Twitter will be “better than ever.”
In his vision, he intends to implement “open-source algorithms” to “boost trust by combating spam bots and authenticating everyone.”
Furthermore, Musk stated last week that he wants to improve Twitter by making the account verification process more accessible and possibly introducing payments using dogecoins (or other cryptocurrencies, who knows?).
Regardless, the price of dogecoin soared by 27.3 percent per day after news surfaced that Musk was in talks with Twitter to buy the company.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.