Key takeaways:
- Dogecoin surged +10% after the latest development in the Elon Musk-Twitter saga
- According to recently filed documents, Musk will end up buying Twitter, backtracking earlier efforts to quit the deal
- SpaceX and Tesla founder has previously floated the idea of accepting DOGE payments on Twitter
Tesla founder backtracks his efforts to avoid the Twitter acquisition deal
Documents filed with the US Securities and Exchange Commission (SEC) on Monday show that Tesla founder Elon Musk is backtracking his earlier efforts to quit the deal to buy social media giant Twitter at $54.20 a share.
It is widely believed that Musk is doing so to avoid an expensive and contentious lawsuit the tech billionaire would likely lose. Recall that Musk accused Twitter of lying about the number of bots that are on the platform earlier this year, and used that to try and avoid paying more than $44 billion for the social platform, a deal he agreed to in April. Bloomberg reported yesterday that bot-related claims, even if true, probably wouldn’t stand in a court of law.
Musk, who is known to share his thoughts with his more than 107 million strong Twitter following, has so far made no comments regarding the latest development in the multi-billion dollar deal.
Yet again, Dogecoin price pumps on Musk news
As we’ve seen on numerous occasions in the past, Dogecoin (DOGE), Musk’s self-admitted favorite cryptocurrency, rallied on the news. The price of Dogecoin increased from $0.0606 to a multi-week high of $0.0666 on Wednesday. It has since retraced a bit and is changing hands at $0.0635 at press time.
Dogecoin, jokingly referred to by some members of the crypto community as “Musk news ETF” due to its inclination to respond to virtually every Musk-related news with volatile price movement, is currently trading more than 90% removed from its all-time high.
It is worth noting that Musk floated the idea of using DOGE as a payment currency in April, at the time when the Twitter deal was initially agreed on. There is precedent for that happening once Musk takes over, as Tesla, for instance, did start accepting DOGE for merchandise products earlier his year.
