Elon Musk sent a letter to Twitter with an offer to renew the deal to buy the social network for 44 billion dollars. Immediately after the news, the company’s shares rose 22% and the Dogecoin cryptocurrency soared 10%. Musk is expected to buy Twitter for the original offering price of $54.2 a share, nearly matching the company’s valuation of $44 billion. The Twitter deal had been put on hold and awaited a trial in mid-October, when Musk and Twitter clashed over abandoning the original plans. However, the billionaire Tesla founder backtracked and renewed his offer to buy the social network. In May, Musk said he was suspending the Twitter takeover deal, subject to spam and fake accounts verification. He emphasized the need to remove spam bots from the social media platform. Twitter sued Musk in July for backing out of the purchase. Musk then renewed the offer via Twitter to avoid any judgment. With the renewal of the offer, the billionaire wants the immediate suspension of the processes between Twitter v. Musk.
app of everything
musk said that buying Twitter would be the first step towards building an “app for everything”. He stated that he wants to turn Twitter into something like China’s WeChat.
Buying Twitter is an accelerant to creating X, the everything app — Elon Musk (@elonmusk) October 4, 2022
WeChat was originally created as a messenger, but in the development process it has turned into a service that includes a much wider range of services, such as a payment system, reservations from restaurants to hotels and a set of mini-applications that expand the functionality of unlimited way. Elon Musk announced the purchase of Twitter for $ 44 billion in April, but the deal was delayed due to a dispute between the entrepreneur and the social network. The company’s shareholders later agreed to the purchase. Musk has now confirmed that he is ready to complete the deal on the original terms. Twitter itself published that it is ready to close the deal with Musk, as announced by the official account of the social network. It is assumed that after the transaction, a Twitter-based application will be created that combines various services.
Twitter issued this statement about today’s news: We received the letter from the Musk parties which they have filed with the SEC. The intention of the Company is to close the transaction at $54.20 per share. — Twitter Investor Relations (@TwitterIR) October 4, 2022
dogecoin on the rise
The news about the Musk and Twitter deal came at a right time for Dogecoin, the meme coin was already on a slight rally along with Bitcoin and other cryptocurrencies. Musk has already made it clear that he is a fan of the cryptocurrency meme. Any mention of Dogecoin by Musk causes the coin’s price to rise, even for a short period. If the tycoon does buy Twitter, it is to be expected that there will be some integration between the bird’s social network and the dog’s currency. In the last 24 hours, Dogecoin’s price has risen as much as 8.65%, trading at $0.06556 and reaching a market cap of $8.6 billion, according to price tracking platform CoinMarketCap.
Dogecoin graphic 04 10 2022 Elon Musk has made numerous comments about Dogecoin, mostly in a supportive tone, even going so far as to accept the meme currency as a payment method for products at Tesla With this investors speculate that Elon Musk’s arrival on Twitter means an integration Dogecoin’s imminent relationship with the social network, one way or another. This explains why the meme coin is on a 10% rally. The possibility of an integration between the currency and the social network has even been mentioned by Musk. The billionaire even quoted “a blockchain-based version of Twitter where ‘tweets’ are integrated into transactions” and where “you would have to pay DOGE for comment or repost of that comment”.