Dogecoin Spikes as Elon Musk Takes 9.2% Stake in Twitter
Elon Musk has bought a 9.2% stake in Twitter.
Musk recently posted a poll asking whether his Twitter followers think the company supports free speech.
Musk has become notorious for sharing crypto-related memes on Twitter.
Share this article
Elon Musk has taken a 9.2% stake in Twitter. Dogecoin surged on the announcement but has since retraced.
Elon Musk Buys Into Twitter
After becoming known as one of Twitter’s biggest pranksters, Elon Musk has bought a 9.2% stake in the social media platform.
Bloomberg reported that the Tesla and SpaceX CEO had invested around $2.89 billion into the company early Monday. Musk’s investment represents a 9.2% stake in the firm, and makes him the largest shareholder.
The news comes after Musk posted a Mar. 25 poll to his 80.2 million Twitter followers asking whether or not the social media app championed free speech. “Free speech is essential to a functioning democracy. Do you believe that Twitter rigorously adheres to this principle?” he wrote. “The consequences of this poll will be important. Please vote carefully.” Over 70% of respondents voted no.
Free speech is essential to a functioning democracy.
Do you believe Twitter rigorously adheres to this principle?
— Elon Musk (@elonmusk) March 25, 2022
Musk hasn’t been shy about criticizing Twitter in the past. When the company launched its NFT profile picture feature in January, he criticized the move as a misallocation of resources that did not address the platform’s other issues.
Besides posting polls and commentary on how to improve Twitter, Musk has a reputation for his humorous tweets, which often reference cryptocurrencies like Bitcoin, Ethereum, and of course Dogecoin. Throughout 2021, he used his account to post a number of memes related to crypto assets, at time causing ripples in the market. The SEC has long scrutinized his Twitter antics, particularly his posts mentioning Tesla and Dogecoin. Musk is currently contesting a 2018 deal he made with the SEC over what he can say about Tesla, accusing the regulator of miconduct.
Shares for the social media giant jumped as news of Musk’s investment surfaced. TWTR is up around 25% at press time after making its biggest one-day jump since 2018. Musk’s favorite crypto asset, Dogecoin, also rallied around 20%, though it later gave back most of its gains.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Audience Survey Win A $360 Subscription To Pro BTC Trader
Answer the questions below and share your email for a chance to win. Every month, 5 people will receive a $360 1-year subscription to Pro BTC Trader. Free. We’re doing…
“Do Nothing,” Elon Musk Urges U.S. Crypto Regulators
Tech entrepreneur Elon Musk has weighed in on crypto regulation in the U.S., advising the government to “do nothing” to avoid slowing the industry’s advancement. Elon Musk Opposes Crypto Regulation…
Bitcoin Is Now in Overbought Territory Following Elon Musk’s End…
Market participants seem to have entered an irrational FOMO state after Tesla and SpaceX CEO Elon Musk suggested that he now supports Bitcoin. Bitcoin Skyrockets Following Crucial Endorsement Musk tweeted…
Apple CEO Tim Cook Reveals Cryptocurrency Investments
Apple CEO Tim Cook has revealed that he owns cryptocurrencies while discussing the asset class at the Deal Book Online Summit. Tim Cook Reveals Crypto Investments While Apple is yet…