Subsequent to several controversies adjoining Elon Musk’s takeover of Twitter, the deal has lastly been finalized. According to promising reports, the Tesla CEO wrapped up the takeover at $54.20 per share, totalling an equal $44 billion value.
Details of the deal’s completion began circulating beforehand this month after Elon’s legal team filed documentation to Twitter’s attorneys, together with the SEC – Securities and Exchange Commission.
The takeover deal has at the outset struggled to cross the ending line later than suffering several setbacks, amid Elon Musk ultimately looking to finalize the agreement. It’s worth mentioning that the Twitter deal was long-expected, not only by Musk’s keen fans but in addition by those expectant of what it could denote for the virtual asset’s future.
Musk’s and Twitter’s Relationship with Cryptocurrencies
Elon Musk’s relationship with Cryptocurrency can be outlined back to 2021(Feb), at which time a filing disclosed that Tesla had purchased 1.5 billion Bitcoins. In March 2021, Elon declared that Tesla would allow BTC as a mode of payment.
Musk’s approach to crypto hasn’t all been encouraging nevertheless, seeing that Bitcoin payments were ditched all through the slump that followed a few months soon after; Musk quoted the ecological effect of BTC mining as one of the major reasons for the revolution.
Consequently, in January 2022, the business tycoon declared that Tesla had included DOGE as a means of payment. The move came after comments from Musk which suggested that Doge works better than BTC as a means of payment.
It is worth mentioning that Musk had a noteworthy contribution to the meme coin trend with his recurrent tweets and memes regarding Dogecoin, and pictures of his favourite dog Floki, eventually ensuing in the birth of far and wide popular meme coins (BabyDoge, Dogelon Mars, and Floki).
In the intervening time, Twitter’s association with digital assets was made stronger under earlier CEO Jack Dorsey, who is also a renowned Bitcoin supporter. The social media giant’s attempts to incorporate virtual assets also saw a partnership with Stripe to make easy payments in USDC on top of the platform right through Polygon.
How Could the Takeover Benefit Cryptocurrency?
Several enthusiasts believe that by way of Elon Musk at the control, Twitter’s endeavours to further incorporate crypto can only get better. It looks as if that part of the Tesla CEO’s plans engross following a more decentralized Twitter to increase confidence and do away with spam bots.
Without a doubt, the presence of Elon Musk in control of Twitter’s dealings is expected to give the Cryptocurrency world more of an influence on Twitter. It is apparent that the Cryptocurrency space will sooner or later take over the internet as a payment mode.
Why You Need to Care
Elon Musk’s actions were to some extent accountable for bringing the cost of DOGE close to $1 and moving forward Bitcoin up from $30Ks to $60K. Amid this movement, Twitter stocks and Cryptocurrency values could experience further confident movement.