Bloomberg reports that Musk has signaled his intention to acquire the social media giant in a letter he sent to the company. Twitter's stock price jumped 18% following the announcement. Trading was halted as a result of the sudden increase in price.
Reddit threads report that Musk discussed moving Twitter to the blockchain, eliminating all bots, and charging 0.1 DOGE for tweets or retweets according to his recent phone records. This plan was later deemed unfeasible.
DOGE's share price jumped 10% following Musk's announcement.
It was reported that Musk had signed a contract to purchase Twitter in April 2022, but later rescinded the contract due to Twitter's alleged failure to disclose a problem with bots. A bot is an automated account that is capable of tweeting, retweeting, liking, and other activities on Twitter.
Tesla billionaire has long supported the world's largest meme coin by market cap, and his tweets on the coin have often sent its price soaring. It was announced in December 2021 that Musk's automotive company Tesla would offer merchandise in DOGE. Consequently, Tesla introduced its Cyberwhistle, modeled after its Cybertruck, at a price of 1000 DOGE.
Twitter has confirmed receiving a letter from Musk's representatives filed with the U.S. Securities and Exchange Commission. According to the original agreement signed in April 2022, this letter confirms the billionaire's intent to buy the company at $54.20 per share.
DOGE has recovered most of its losses since the initial announcement and is currently trading at $0.065470. As of the time of publication, Twitter shares had risen to $52.00.