Dogecoin (DOGE) Surges as Elon Musk Nears Completion of Twitter Acquisition
The price of Dogecoin (DOGE) surged by 16% following news that Elon Musk visited Twitter's headquarters in San Francisco.
In the early hours of October 27, billionaire Elon Musk shared a video showing him at Twitter's San Francisco headquarters, holding a sink.
Musk also updated his Twitter profile description to “Chief Twit.” According to Bloomberg, Musk had previously informed the banks backing his acquisition that he plans to finalize the $44 billion deal for Twitter on Friday, October 28.
Entering Twitter HQ – let that sink in! pic.twitter.com/D68z4K2wq7
— Elon Musk (@elonmusk) October 26, 2022
This move is expected to put an end to the controversies surrounding Musk's relationship with Twitter. In April, the Tesla CEO proposed buying 100% of the social media platform for $44 billion to take it private. However, by July, Musk announced he was canceling the deal, alleging that Twitter had concealed information. After Twitter sued him in response, the richest man in the U.S. reversed his decision in early October.
The price of Dogecoin (DOGE), a cryptocurrency frequently endorsed by Musk and accepted by Tesla as a payment method, skyrocketed by 16% following the news that Musk is set to “seal the deal” with Twitter.
4H chart of DOGE/USDT on Binance at 07:25 AM, October 27, 2022
