Dogecoin is back in the crypto top 10 after Twitter accepted Tesla CEO Elon Musk’s US$44 billion offer to purchase the social media platform.
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Fast facts
- The world’s leading memecoin reached a high of US$0.1677 before retreating slightly, its highest point since Musk became Twitter’s largest shareholder.
- Musk has been promoting Dogecoin on Twitter to more than 84 million followers and hinted at a Dogecoin tipping feature.
- Twitter accepted Musk’s US$44 billion offer, comprised of US$21 billion of his own money with additional debt funding from banking giant Morgan Stanley and others.
- The Twitter board adopted a “poison pill” on April 14 after Musk’s initial US$43 billion offer, allowing other shareholders to purchase more shares at a cheaper price.
- Musk signaled he intends to make the platform more transparent and crack down on bots.
- The deal is attracting criticism over Musk’s opinions on freedom of speech.
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