Twitter Stock Soars 25% as Musk Buys 9.2%, Dogecoin (DOGE) Also Skyrockets

The pre-market prices of Twitter’s shares skyrocketed by double-digits as news emerged that Tesla’s CEO had acquired a 9.2% passive stake in the social media platform. Interestingly, Dogecoin’s price also soared once the news broke.

According to a filing to the Securities and Exchange Commission, Elon Musk has taken a 9.2% passive stake in Twitter as of March 14. Ahead of the news coming out, this stake was worth nearly $3 billion.
More specifically, this means that he now owns 73,486,936 shares of the social media giant. Once reports started emerging about this news, the pre-market prices of TWTR soared by 25%, from $39.31 (close price on Friday) to nearly $50.
Interestingly, Musk criticized Twitter for its lack of transparency and free speech on March 26 – meaning after he had purchased the shares. At the time, he also dabbled with building a new platform.

Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy.

What should be done?

— Elon Musk (@elonmusk) March 26, 2022

As with almost everything even remotely connected to Elon Musk, the price of Dogecoin also felt the effects.
Dogecoin traded around $0.14 before it shot up by double-digits to an intraday high of almost $0.16 shortly after the news broke out.

Read More?

Post is imported from RSS feed, by one of our guest editors. G6 does not edit or moderate the content. G6 is not responsible for your actions. No rights owned by G6. To remove the post, please email us at [email protected]

No Comments

Sorry, the comment form is closed at this time.