Elon Musk, Tesla’s CEO, renewed his intentions to acquire the social media platform Twitter for approximately $44 billion, the initial price to avoid a court case.
Following the news, Dogecoin, the cryptocurrency Musk is a vocal proponent of, saw an evident price increase.
Elon Musk and Twitter started the “buying off” back and forth in April this year when he purchased 9.2% of the company (totaling to over 70,000,000 TWTR shares). Shortly after, he vowed to buy the firm for $44 billion and transform it into a private entity.
When Twitter accepted the multi-billion offers, Musk changed his stance and put the deal on hold after discovering some issues and glitches that needed to be solved before shaking hands with the platform’s owners. That includes removing all fake accounts and dealing with scams.
In July, Musk said Twitter had not “complied with its contractual obligations,” and as such, he terminated the agreement. However, yesterday’s reports revealed that the entrepreneur had renewed his interest and is ready to buy the company for the original bid.
This news caused Dogecoin’s price to surge though it is unrelated. Markets believe it soared because Elon Musk is the cryptocurrency’s vocal proponent and has proved to be by spending time and resources on the crypto coin. Earlier this year, the Tesla CEO allowed clients to purchase tesla products on Dogecoin.
The cryptocurrency exploded by around 8.2% since the news broke out.