Negotiations between Elon Musk, the CEO of Tesla Inc., and Twitter’s eleven-member board were in high gear on April 25. Musk eyes purchasing the social media giant and making it private.
Musk has already floated a $46.5 billion offer as he seeks to gain full ownership after he recently attained a 9.2% ownership stake of Twitter. Per the announcement:
“The two sides were discussing details including a timeline to close any potential deal and any fees that would be paid if an agreement were signed.”
The turning point arose after Musk offered $54.20 per share, making the Twitter board members seriously consider his bid.
According to Real-Time Billionaires by Forbes, with a net worth of $269.7 billion, Elon Musk is the world’s richest man.
Musk has at least 83 million followers on Twitter, and his quest to own the social media giant is driven by the urge to “transform” the firm into a “platform for free speech around the globe.”
How will this development affect the crypto market?
As a strong advocate of Dogecoin (DOGE) and other Shiba Inu-themed memecoins, Musk’s crypto influence has gone unnoticed as his tweets often make prices soar. He had previously opined that Dogecoin was the people’s crypto.
After Musk became the largest Twitter shareholder, DOGE surged by 16.33% in just 24 hours.
The Tesla CEO has also influenced leading cryptocurrencies like Bitcoin (BTC) based on some of his actions.
For example, after unexpectedly changing his Twitter bio to #bitcoin in January 2021, Bitcoin’s price rose by 18.75%, from $32,000 to $38,000 in a couple of hours, whereas market capitalization surged by $111 billion.
Therefore, according to past data, Elon’s Twitter ownership might jumpstart prices in the crypto market.
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