Dogecoin pumps as Elon Musk proceeds with Twitter acquisition

Twitter shares and DOGE spikes after news broke that Musk is resuming acquisition process of Twitter.
October 05, 2022 - Cynthia Chung

Elon Musk reportedly proposed acquiring Twitter for US$ 54.20 per share, which sent Dogecoin’s price jumping over 8% on Tuesday, according to Bloomberg


Musk’s attorney’s notified Twitter of the proposal to buy the social media company according to his original terms in a letter to Twitter’s lawyers and the SEC. The letter also requested an adjournment of the court proceedings Twitter had filed against Musk when he backtracked on his decision to acquire the company in May 2022. 


Following the announcement, Twitter’s stock price jumped 18% as trading had to be halted due to the large price surge. They resumed trading at the end of yesterday, while DOGE soared 8.1%, to US$0.0659 at the time of writing, according to CoinGecko.


Twitter confirmed and acknowledged that it received Musk's proposal of buying the company according to the original terms.

Musk backtracked on his decision to acquire Twitter weeks after he proposed buying the social media giant in April 2022, claiming spam bots and fake accounts comprised more of Twitter’s usership than the company had let on. 


Photo: Image tweeted by Elon Musk


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