Elon Musk To Proceed With the Twitter Acquisition, DOGE Price Spikes

    Tesla CEO Elon Musk is said to have restarted the buyout of Twitter, sending the price of Dogecoin (DOGE) to skyrocket by 10%.

    According to Bloomberg, Musk signaled his renewed intention to the acquisition of the social media giant in a letter to the company. Twitter has also acknowledged Musk’s offer and appears to be willing to accept a price of $54.20 per share. 

    Following the announcement, Twitter’s share price jumped to $52, up 22% per day, forcing trading to halt due to a sharp rise in prices.

    Source: Google

    Twitter stock isn’t the only beneficiary of the news, DOGE price also jumped 8%, hitting a local high of $0.066. This meme coin is down 91% since its all-time high in May 2021. However, it is up 31% since the local bottom of $0.048, set on June 18, 2022.

    Source: TradingView

    According to a Reddit thread, it was revealed that Musk planned to move Twitter to the blockchain, removing all bots, and charging 0.1 DOGE to tweet or retweet. The plan was later deemed unfeasible.

    Musk signed a deal to acquire Twitter in April 2022 but later withdrew because Twitter allegedly failed to disclose the problem it had with the bot. Bots are automated accounts that can be used on Twitter for tweets, retweets, likes, and other purposes.

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