Musk is set to again do what many thought would never happen by acquiring Twitter for $54.20 a share.
Musk famously invested in Bitcoin back in 2021 and is known for writing Tweets that can have a major impact on the price of various cryptocurrencies including Dogecoin, a so-called meme coin.
The astronomical price of the deal is said to be the key factor in persuading Twitter’s board to give the deal the green light. Musk is never stuck for words and was ideological as he discussed the deal,
“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated. I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spambots, and authenticating all humans.”
CEO and founder Jack Dorsey stepped aside from Twitter just two months before Musk began buying Twitter shares, growing his stake from 5% to 9%, sparking rumors of a takeover bid.
The reverberations will be felt around the world and not least in the crypto world with rumors of Dogecoin being used as payment for advertising. This is a massive move by a long-term cryptocurrency advocate to take control of a worldwide communication platform, with the potential for being a huge assist to mass crypto adoption.
