Twitter shares skyrocketed in pre-market prices after news emerged that Elon Musk had purchased a 9.2% passive stake in social media platform Twitter. Interestingly, the price of Dogecoin also rose by double digits when the news broke.
Elon Musk invests in Twitter, Dogecoin price skyrockets
Twitter shares are a 9.2% passive investment in Tesla CEO Elon Musk’s social media network It rose to double digits on the news of its purchase. The price of Dogecoin exhibited a similar boom when the news broke. According to a filing with the Securities and Exchange Commission (SEC), Elon Musk took a 9.2% passive stake in Twitter as of March 14. This stock was worth about $3 billion before the news broke. More specifically, it currently controls 73,486,936 shares of the social media giant. The pre-market price of TWTR rose 25% from $39.31 (close Friday) to over $50 as news rumors circulated.
Interestingly, after Musk bought the shares on March 26 He criticized Twitter for its lack of transparency and freedom of expression. As Cryptokoin.com reported, it shared its plans to build a new platform at the time, causing a slight fluctuation in the price of Dogecoin. The price of Dogecoin soared by over 10% in recent investment news…
Dogecoin price soared by double digits within minutes
As with almost everything remotely linked to Elon Musk, the price of Dogecoin felt its effects. Dogecoin traded around $0.14 before hitting an intraday high of almost $0.16 in double-digits shortly after the news broke.
The reason the Dogecoin price has risen so much is that Musk, who responded to popular software developer Pranay Pathhole on March 27, wrote that he was “seriously considering” establishing his own social media platform. The issue comes in contact with Dogecoin at one point, for any private entity has the right to set their own rules and refuse entry or service on their own terms, as Twitter is a private company. During this period, many users thought that a new social media network would be built to include Dogecoin.
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