DOGE prices soared to near $0.17 while Twitter shares rose to close to 5.6% at $51.70
Dogecoin (DOGE), which was founded by Tesla CEO Elon Musk, soared more than 25% Monday 25 April.
DOGE, which pumped on Musk-related news in the past, reached intraday highs close to $0.17. The top meme coin’s upsurge came after a day-long tease, with investor sentiment around the coin peaking after Musk reached a deal with the Twitter board over the purchase.
While the cryptocurrency remains a long way off its all-time high of $0.73 reached in May 2021, the reaction to today’s news could only be among many to come.
Doge/USD traded at $0.16 at the time of writing. This is about 15% higher than the previous 24 hours, after some intraday gains.
Twitter accepts Elon Musk’s $44 billion buyout
Twitter announced Monday that it had a press release that its board had “entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk.”
According to the announcement, the acquisition is worth $54.20 per share and has a total value of $44 trillion. At this price, Twitter shareholders are getting a 38% premium on the company stock’s closing price on 1 April 2022, a day before the Tesla CEO disclosed a 9% stake in Twitter.
Musk says he will ensure Twitter becomes the ‘bedrock’ of free speech, better than ever and free of spam bots. He will improve it and try to authenticate every human.
“Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it,” he said.
Musk also hopes that him owning the social media company doesn’t push some users off the platform.
I hope even my worst critics will remain on Twitter. That is the essence of free speech.
— Elon Musk (@elonmusk) April 25, 2022
Twitter’s share price jumped from under $49.00 on Monday, soaring to highs of $52.29. The stock closed up more than 5.6% at $51.70 despite some losses.