Dogecoin Price Pumps Over Rumours Of Elon Musk Twitter Acquisition

Key Takeaways:

  • Tesla CEO has changed course and agreed to buy Twitter for the agreed-upon price.
  • Twitter says it plans to accept Elon Musk's offer.
Dogecoin Price Pumps Over Rumours Of Elon Musk Twitter Acquisition
Dogecoin Price Pumps Over Elon Musk Twitter Acquisition Image Source: GuerrillaBuzz Blockchain PR Agency

LAGOS (CoinChapter.com) — After weeks of dispute Tesla CEO Elon Musk has offered to proceed with a deal to buy Twitter at the original price before he attempted to opt out of the agreement.

In detail, Musk has revived a bid to buy the social media platform at the original price of $54.20 a share. This move invariably ends his effort to quit the deal and potentially avoid a contentious courtroom fight.

The shocking development come weeks before the two sides were due to face off in a trial. In a letter sent to Twitter by Musk’s legal team, he offered to go ahead with the deal at $54.20 a share if the Delaware Chancery Court, which was scheduled to hold the trial on Oct. 17, agrees to “enter an immediate stay” of the case and adjourn the trial and all other” related proceedings.

Tesla CEO Elon Musk has offered to proceed with a deal to buy Twitter at the original price

Twitter in a statement announced that it received the letter and intends to close the transaction at the original share price. The company pointed out that it will accept the offer but is waiting for confirmation that the judge can oversee the process.

It is worth knowing that Musk’s offer comes at a key moment in the lead-up to the trial, which was due to settle months of legal wrangling. Musk alleged that Twitter falsified the number of “bots” on its service. He and his lawyers claimed the social media company was misleading investors by providing false numbers.

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Twitter countered, however, that Musk’s assertions of fraud were incorrect and were based on a misunderstanding of the way the company tallies bots and fake accounts on its platform. The company further alleged that Musk was looking for a reason to back out of the deal.

Buying Twitter is an accelerant to creating X —Elon Musk

Meanwhile, despite making a u-turn Musk continues to troll the social media platforms via his account. The tech mogul weighed in on his purchase plan saying “Buying Twitter is an accelerant to creating X, the everything app.”

Buying Twitter is an accelerant to creating X —Elon Musk

However, experts have posited that Musk’s willingness to close the deal suggests that he may have realized that he was in a weaker position. Alon-Beck, a business law professor at Case Western Reserve University said “Musk is finally listening to his lawyers.”

“This is a clear sign that Musk recognized heading into Delaware Court that the chances of winning versus Twitter board was highly unlikely.”

Dan Ives, an analyst said.

Dogecoin (DOGE) Price Pumps

Meanwhile, Dogecoin has rallied significantly on the day following news of Elon Musk’s readiness to go ahead with Twitter acquisition. DOGE price rose by 8% in the last 24 hours to end weeks of bearish run, according to data from Coingecko. Dogecoin has now finally broken out of a tight range and is reclaiming an important region at $0.065.

At the time of publication, DOGE’s market cap has soared to $8.6 billion with a 24-hour trading volume of $830 million.

Similarly, Tesla shares also closed up nearly 3% for the day. Recall, Tesla stock hit a 52-week low of $206.86 in May, but currently stands at $250.

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Elon Musk, Dogecoin Price Pumps Over Rumours Of Elon Musk Twitter Acquisition

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