NewsBusiness

Dogecoin Surges on Reports Twitter Will Reconsider Elon Musk Buyout Offer

New reports suggest Elon Musk will acquire Twitter for $43 billion in cash. Following these reports, Dogecoin has since rallied.

2 min read
Tesla CEO Elon Musk. Image: Shutterstock.

The popular meme coin Dogecoin has jumped more than 12% in the past hour following reports that Twitter is expected to reach a deal with Tesla and SpaceX CEO Elon Musk on Monday.

Musk is a well-known Dogecoin pumper, having used the social media platform to shill the canine cryptocurrency on several occasions.

A recent filing on April 21, showed that Musk had earmarked $46.5 billion to acquire Twitter. A report from Reuters now indicates Twitter is expected to sell the company for $43 billion in cash, an offer the Tesla chief said was his "best and final."

Twitter's stock (TWTR) has also jumped more than 5% pre-market amid the news.

Though the deal could yet collapse, sources close to the matter suggest that the deal could be completed as soon as today.

Musk's priorities for Twitter

Today's reports are just the latest chapter in a weeks-long saga, which kicked off on April 4 when Musk announced a 9.2% stake in Twitter.

Ten days later, he upped the ante, offering to buy the entire company.

He also shared his plans for the platform should he find himself at its helm.

During a TED Talk in Vancouver, Musk said that "Twitter has become the de facto town square, and it's really important that people have both the reality and perception that they are able to speak freely within the bounds of the law."

An edit button that would let users fix typos or change their tweets would also be possible within a time frame, he added. The source code for Twitter would be put on GitHub too, allowing the public to scrutinize how the platform operates.

"I just think it's important to the function of democracy in the United States and other countries. The civilizational risk is decreased if we can increase the trust in Twitter as a public platform," said Musk. After limiting civilization risk, he will focus on eliminating the spambots plaguing Twitter.

For now, though, these plans are just that: plans.

But that could all change should the platform accept Musk's latest offer.

Want to be a crypto expert? Get the best of Decrypt straight to your inbox.

Get the biggest crypto news stories + weekly roundups and more!