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The widely-renowned entrepreneur and the Chief Executive Officer of Space X and Tesla, Elon Musk has elevated his presence on the social media platform by acquiring a massive stake on Twitter. According to the United States Securities and Exchange Commission (SEC), Elon Musk has purchased a 9.2 percent stake in Twitter Inc. https://twitter.com/WatcherGuru/status/1510928439481622529 As per the calculations based on Twitter's last closing, Musk reportedly purchased a total of 73,486,938 shares of Twitter which was approximately worth $2.8 billion. Additionally, the shares of Twitter observed a sudden climb of 26 percent in pre-market trading.
How Did Elon Musk Decide To Stake Twitter Shares?
Musk had recently conducted a poll on Twitter asking his millions of followers whether Twitter is adhering to the principles of freedom of speech. Many users voted a 'no.' Following the results, he asked his followers for any alternatives and stated his plans for his own social media platform.
What Does Twitter's Acquisition Mean for Musk's Beloved Dogecoin Community?
Elon Musk has publicly displayed interest in the crypto meme Dogecoin [DOGE] from endorsements to onboarding DOGE into Tesla. Following the largest acquisition of Twitter, followers of Musk speculated about his Dogecoin-centric developments. Recently, Twitter introduced a new option known as the crypto tipping jar which added Bitcoin (BTC) and Ethereum (ETH). When Dogecoin wasn't added to the list, the Dogecoin community showered Twitter with petitions and hashtags. Joining the forces was the co-founder of DOGE, Billy Markus. Now, the responsibility is in the hands of Musk, the largest shareholder of Twitter to add a Dogecoin Tipping Jar.