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Elon Musk’s $43B Bid On Twitter Causes DOGE, SHIB To Spike
Elon Musk has made an unsolicited offer to fully acquire social media giant Twitter for a total cash consideration of $43 billion.
Himanshu S.
4:05 14th Apr, 2022
Markets

Tesla and SpaceX CEO Elon Musk has made an unsolicited offer to fully acquire social media giant Twitter for a total cash consideration of $43 billion, according to SEC filings.

Musk has offered $54.20 per share — representing a 54% premium over the Jan. 28 closing price — to acquire the social media giant.

Musk made the announcement by tweeting the regulatory filing with the caption “I made an offer.”

The news caused Twitter’s share price to soar 18% in pre-market trading before falling to around $48 per share.

Twitter shares weren’t the only asset that reacted to the news. Musk’s love for meme coins, especially Dogecoin (DOGE), combined with the news and rumors that Doge might become Twitter’s tipping currency, seems to have caused a positive reaction in both DOGE and the canine cousin Shiba Inu (SHIB).

Doge was trading at a local low of $0.138 before the news broke and jumped immediately to $0.146, a 5.8% increase, while SHIB traded at $0.000026 and jumped to 0.000027, a much less notable increase. Both meme tokens were going against the general market moves in the hours leading up to writing.

The billionaire crypto fan first disclosed a stake of about 9% in the company on April 4, after which he was offered a seat on the board as the largest individual shareholder.

The bid is the latest chapter in Musk’s dramatic relationship with Twitter, as he has frequently criticized the company’s approach to “limiting” freedom of speech. In addition, musk has been vocal about changes he’d like to consider imposing on the social media platform.

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