Time for Binance to Step Away from Twitter

Elon Musk's Twitter Revamp: A Potential Game-Changer for DOGE and Cryptocurrencies in General

DogeCoin Surges 10% Amidst X Payments Speculation, Resulting in $10M Loss for DOGE Futures Traders

According to a press statement, Twitter (TWTR) has accepted a $54.20-per-share purchase bid from Tesla CEO Elon Musk, valuing the social media business at almost $44 billion in cash.

Twitter will become a privately owned firm once the purchase is done.

In a statement, Musk added, "Free speech is the core of a functional democracy, and Twitter is the digital town square where subjects crucial to humanity's future are debated." "I also want to make Twitter better than it has ever been by adding new features, opening up the algorithms to boost trust, combating spam bots, and authenticating all people."

Twitter's independent board chair, Bret Taylor, stated, "Elon's proposal was evaluated by the Twitter Board in a careful and thorough manner, with a deliberate focus on value, certainty, and funding. The proposed deal will provide a significant cash premium to Twitter investors, and we think it is the best way ahead for the company's stockholders."

Musk said in early April that he had purchased a 9.2 percent interest in Twitter for $2.89 billion. In a series of tweets, he also chastised the social media site, stating that "failure to adhere to free speech values profoundly weakens democracy."

Musk stated in a regulatory filing on April 13 that he planned to take Twitter private and that he "invested in Twitter because I believe in its potential to be the platform for free expression throughout the world, and I think free speech is a fundamental requirement for a functioning democracy."

On Monday, Twitter shares gained 5.5 percent to $51.63 before trading was suspended in the afternoon due to awaiting news. The $54.20 per share offer is a 38 percent premium to Twitter's closing price on April 1, 2022, the final trading day before Mr. Musk revealed his investment in the company.

Meanwhile, the price of dogecoin (DOGE) has risen by more than 20% since news of a possible sale broke on Monday morning. Musk's passion for DOGE has some investors speculating that if he were to control Twitter, DOGE might play a greater part in payments.

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