According to SEC filing reports dated April 4, Tesla CEO Elon Musk has bought 73,486,938 shares of social media giant Twitter Inc. for approximately $3 billion. This converts to a 9.2% stake within Twitter Inc and makes him the primary stakeholder out of all members. Thus, Elon Musk gets the strongest voting power as well as decision-making authority in the company.
After the dramatic purchase, Twitter’s stock prices have gained a significant rise in the market to 28.84% and stand at $50 per stake value. Through this purchase, Musk has become $1 billion richer than earlier. Although it is still unclear what possible intentions Elon musk holds for the purchased stakes as he has been strongly condemning Twitter for censoring free speech.
Elon Musk is known for bombarding with criticizing tweets on Twitter and against its policies on fundamental speech rights. Recently on March 25, he rolled out a poll on Twitter asking his followers whether Twitter follows a free speech policy or not. Where 29% of followers stood with Twitter, 70% of people agreed with Musk. According to Musk ‘Twitter does not adhere rigorously to free speech in functioning democracy’ and therefore held a polling session on Twitter.
Nevertheless, Musk has emerged to be the most prominent critic of Twitter over the years, his loud tweets have made him banned many times from posting thoughts. On the other hand, Twitter strongly believes in protecting its user from bullies, bigots, emotional attacks, spreading hatred, or spam. Also, Twitter policies do not allow posts propagating misinformation and conspiracy theories to the users.
Will DogeCoin be added to the Tipping zone on Twitter?
The complete crypto community knows that Elon Musk is a die heart supporter of meme-based cryptocurrency ‘Dogecoin’. Elon has supported Dogecoin (DOGE) countless times in many phases. Even Tesla accepts payments made in DOGE. Though DOGE was created in 2013 accidentally as a joke by its creators Billy Markus and Jackson Palmer, they did not recognize the potency of the crypto coin at that time.
Meanwhile, the DOGEcoin community is anticipating integration on Twitter in its tipping services. In fact, out of curiosity, a follower did ask Musk about the integration to which Elon responded ‘100%’. With the successful integration of Dogecoin, it might become the third-largest cryptocurrency to be used on Twitter. This would help in surging the prices of meme-based coins in the market. Currently, Twitter accepts Bitcoin (BTC) and Ethereum (ETH) to provide tipping services to its users.
As soon as the Twitter news broke out, DOGE prices were affected by a considerable rise in the market. According to the data it jumped from $0.143 to over $0.1645 at the time of the press release.
Shiba Inu saw a rise of 5% in its prices.