Since Elon Musk, the CEO of Tesla, invested over $3 billion in the company, Twitter's stock has risen significantly. This allows Tesla's PDG to retain around 10% of the social network's shares. Elon Musk's buying had an impact on the Dogecoin price (DOGE).
Elon Musk paid $2.89 billion dollars for this transaction.
On Monday, March 14, 2022, Elon Musk, a multibillionaire entrepreneur and the founder of SpaceX, spent $2.89 billion to purchase shares in Twitter. As a result, he now has a significant stake in the social network's business, amounting to about 9.2 percent.
This acquisition by Musk has resulted in an increase in Twitter activity. According to a recent Bloomberg report, she has also enabled Tesla's PDG to become the network's most powerful single actionnaire. It's worth noting that Twitter's former CEO, Jack Dorsey, owns only about 2% of the company.
We should recall that, before to this acquisition, Elon Musk had issued a series of tweets condemning the violation of free speech principles on social media. He had then mentioned the platform's condemnation and hinted at a possible "participation" in Twitter's algorithm. He had warned that this might have serious ramifications for public discourse.
Elon Musk's investment has influenced the price of Dogecoin (DOGE)
Following Elon Musk's announcement of a $3 billion investment in Twitter, the price of Dogecoin (DOGE) increased by around 6.5 percent. When one considers that the Dogecoin (DOGE) hit bottom a month ago and its price was estimated at around $0.10, it's clear that there's been a notable upward trend.
That is to say, experts believe there is a good chance the piece will continue on its current haussière trend. A rise in the price of Dogecoin to 0.37 dollar is possible (DOGE). This is a 150 percent increase over the price of the piece on April 5th.
However, there is a risk that the price of Dogecoin (DOGE) will fall as a result of its home setting. The volume of transactions involving cryptomonnaies is found to be rather low. This indicates that the traders are not certain that the housing trend will continue.
Elon Musk's investment, on the other hand, might help the Dogecoin (DOGE) to be integrated into the Twitter platform. We should remember that the billionaire was a big supporter of the Dogecoin community. In this regard, he had made the decision to accept DOGE payments in his Tesla company's online store.
Elon Musk delisted Twitter from the stock exchange after investing almost $3 billion in the company. This investment has allowed him to acquire 9.2 percent of Twitter's stock, becoming him the company's largest single shareholder. The increase in the price of Dogecoin has also been aided by investment (DOGE).
Source: Source : Ethereum World News
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