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Elon Musk launches a $43 billion hostile takeover of Twitter; How will Dogecoin react?

Elon Musk launches a $43 billion hostile takeover of Twitter; How will Dogecoin react?

Elon Musk recently announced a hostile takeover bid for Twitter (NYSE: TWTR) for $43 billion, which means the world’s wealthiest man would pay $54.20 per share for 100% of the company.

In a filing with the Securities and Exchange Commission (SEC) on April 13 that believe Mr. Musk believes Twitter has the “potential to be the platform for free speech around the globe.”

“I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter, and a 38% premium over the day before my investment was publicly announced. My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder,” Musk stated.

Twitter confirmed today (April 14) the receipt of the unsolicited, non-binding proposal from Musk to acquire all of the company’s outstanding common stock with the Twitter Board of Directors set to carefully review the proposal at 10 am Eastern Time (ET).

On the announcement, Twitter shares spiked above 13%, jumping on the news; the longer-term, looking back over the last couple of weeks, the stock is up by $12.82 (38.81%) in the last month although still a distance from the all-time high.

Musk Twitter bid. Source: Bloomberg

How will this impact DOGE?

In response to the news, Dogecoin (DOGE) increased its market capitalization by nearly $1 billion, going from $18.44 billion to $19.36 billion in ten minutes. The price of DOGE went from $0.139 to $0.1459 simultaneously, with the volume growing by $140 million. 

DOGE 1-day price. Source: CoinMarketCap

Currently, DOGE is trading at $0.1447, up 4.34% in the last week and 1.03% across the previous seven days, according to CoinMarketCap data.

Meanwhile, Dogecoin had been declining in value for months after reaching a high in May 2021, leading some investors to question if it is still a good investment.

The coin, which was first intended as a joke, has developed a rather strong following among its users, with Elon Musk being one of them. Dogecoin could rise as a result of Musk’s support for it as a form of payment over Bitcoin and Ethereum.

Accepting Dogecoin as a form of payment

Musk recently advised that Twitter should begin accepting the cryptocurrency Dogecoin as a form of payment. He made this advice in a series of tweets that he sent out shortly after his investment was revealed.

The Tesla CEO has the resources necessary to apply significant external pressure on the company’s operations. Here’s one of the reasons why: The majority of shareholders, on average, do not vote. They delegate their votes to other parties, such as trading companies. 

A formal acceptance of the most search company in the U.S. might be proposed by Musk at a shareholder meeting or a special meeting of the board of directors of Twitter. There would be a substantial probability that the idea would be approved.

Finally, this is just a bid; if any agreement is made which would see Musk with full ownership of the company, a spike in the price of the dog meme coin may well be on the cards.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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