Image source: CNN
On Tuesday, news that Elon Musk was pushing to acquire Twitter rocked the crypto space as Dogecoin jumped 8%.
According to Bloomberg, Musk’s lawyers sent a letter the night before offering him to buy the company for its initial offer: $54.20 per share.
When the news broke, DOGE jumped 8.1% to $0.0648, as reported by CoinGecko.
Elon Musk and Dogecoin
Tesla’s CEO and Dogecoin share a long history.
Over the past decade, Elon Musk has praised DOGE in several tweets that he said were ironic when he started talking about it.
However, as the years went by, there seemed to be a real working relationship with the Dogecoin developers.
Whether joking or not, Musk’s tweets on DOGE have generally helped the token price skyrocket.
For example, in May 2021, when Musk was invited to host “Saturday Night Live,” his presence helped DOGE hit a record high of $0.72.
In the following year, however, the currency plummeted by more than 90%.
Elon Musk and Twitter
For months, Elon Musk’s bid to buy the social media platform has been mired in drama and twists and turns.
Initially offering to buy Twitter, the board balked and took steps to prevent a hostile takeover.
However, the board decided to accept a $44 million offer from Musk within weeks.
Elon Musk then backtracked, saying the social media platform’s user base had more spam bots than Twitter had originally claimed.
The Tesla CEO then tried to call off the deal in July, despite Twitter’s insistence that the deal go through as planned.
They also said Musk was contractually obligated to do his part.
The situation today
Months later, Elon Musk decided to change his mind.
While it remains to be seen what caused the CEO of Tesla to change his mind, the news had an impact on all of crypto and the stock market.
As of this writing, Twitter shares are trading at $51.67.
If the deal goes through, it could also be good for Dogecoin.
When Musk offered to buy Twitter in April, he said he might consider adding DOGE as a payment method.