DOGE price jumped 25% after Elon Musk bought Twitter for $44B
DOGE price jumped to highs near $0.17, while Twitter shares also gained to close 5.6% higher at $51.70.
Dogecoin (DOGE) surged by more than 25% on Monday 25 April after its biggest fan Tesla CEO Elon Musk, acquired Twitter (TWTR).
DOGE, which has pumped on previous Musk-related news, soared to intraday highs near $0.17. The top meme coin’s upsurge came after a day-long tease, with investor sentiment around the coin peaking after Musk reached a deal with the Twitter board over the purchase.
While the cryptocurrency remains a long way off its all-time high of $0.73 reached in May 2021, the reaction to today’s news could only be among many to come.
At the time of writing, DOGE/USD was trading around $0.16, about 15% up in the past 24 hours after paring some of the intraday gains.
Twitter accepts Elon Musk’s $44 billion buyout
On Monday, Twitter announced in a press release that its board had “entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk.”
According to the announcement, the acquisition translates to $54.20 per share for a value of $44 billion. At this price, Twitter shareholders are getting a 38% premium on the company stock’s closing price on 1 April 2022, a day before the Tesla CEO disclosed a 9% stake in Twitter.
Musk says he will ensure Twitter becomes the ‘bedrock’ of free speech, better than ever and free of spam bots. He will enhance it with new features as well as seek to authenticate all humans.
“Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it,” he said.
Musk also hopes that him owning the social media company doesn’t push some users off the platform.
I hope that even my worst critics remain on Twitter, because that is what free speech means
— Elon Musk (@elonmusk) April 25, 2022
Twitter’s share price jumped from under $49.00 on Monday, soaring to highs of $52.29. Despite paring some of the gains, the stock still closed more than 5.6% up at $51.70.