Cryptocurrency Opinion and Analysis

Dogecoin Spikes As Elon Musk Takes 9.2% Stake In Twitter

2022.04.05 12:01

The Tesla (NASDAQ:TSLA) and SpaceX CEO has previously expressed concerns over free speech in the context of social media.

Key Takeaways

  • Elon Musk has bought a 9.2% stake in Twitter (NYSE:TWTR).
  • 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.

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.

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. Over 70% of respondents voted no.

Dogecoin Spikes As Elon Musk Takes 9.2% Stake In TwitterTweeter Poll

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 times 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 misconduct.

Shares of 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.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 99,048.54 1.15%
ethereum
Ethereum (ETH) $ 3,466.88 0.00%
tether
Tether (USDT) $ 0.999406 0.14%
xrp
XRP (XRP) $ 2.31 0.05%
bnb
BNB (BNB) $ 701.25 0.95%
solana
Solana (SOL) $ 197.26 0.74%
dogecoin
Dogecoin (DOGE) $ 0.331469 0.39%
usd-coin
USDC (USDC) $ 1.00 0.22%
staked-ether
Lido Staked Ether (STETH) $ 3,462.53 0.05%
cardano
Cardano (ADA) $ 0.913259 1.47%
tron
TRON (TRX) $ 0.257257 0.64%
avalanche-2
Avalanche (AVAX) $ 40.12 1.92%
chainlink
Chainlink (LINK) $ 24.41 3.14%
the-open-network
Toncoin (TON) $ 5.93 3.07%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,116.10 0.14%
shiba-inu
Shiba Inu (SHIB) $ 0.000023 0.83%
sui
Sui (SUI) $ 4.53 1.05%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 98,772.46 1.35%
hedera-hashgraph
Hedera (HBAR) $ 0.312627 4.38%
stellar
Stellar (XLM) $ 0.382268 4.33%
polkadot
Polkadot (DOT) $ 7.46 0.39%
weth
WETH (WETH) $ 3,466.88 0.17%
hyperliquid
Hyperliquid (HYPE) $ 28.25 3.84%
bitcoin-cash
Bitcoin Cash (BCH) $ 460.27 1.73%
leo-token
LEO Token (LEO) $ 9.51 0.34%
uniswap
Uniswap (UNI) $ 13.76 4.74%
litecoin
Litecoin (LTC) $ 108.53 0.47%
bitget-token
Bitget Token (BGB) $ 5.76 17.34%
pepe
Pepe (PEPE) $ 0.000018 3.89%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,660.95 0.09%
near
NEAR Protocol (NEAR) $ 5.38 2.35%
ethena-usde
Ethena USDe (USDE) $ 0.999076 0.15%
aave
Aave (AAVE) $ 368.98 1.89%
usds
USDS (USDS) $ 0.999131 0.35%
internet-computer
Internet Computer (ICP) $ 11.09 0.05%
aptos
Aptos (APT) $ 9.55 1.00%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.512001 1.46%
crypto-com-chain
Cronos (CRO) $ 0.157029 4.05%
vechain
VeChain (VET) $ 0.051373 2.55%
mantle
Mantle (MNT) $ 1.23 0.32%
ethereum-classic
Ethereum Classic (ETC) $ 27.09 2.98%
render-token
Render (RENDER) $ 7.49 3.32%
bittensor
Bittensor (TAO) $ 497.43 0.76%
mantra-dao
MANTRA (OM) $ 3.80 1.80%
monero
Monero (XMR) $ 195.66 5.20%
whitebit
WhiteBIT Coin (WBT) $ 24.92 0.15%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.34 2.33%
dai
Dai (DAI) $ 1.00 0.33%
arbitrum
Arbitrum (ARB) $ 0.79533 1.55%
filecoin
Filecoin (FIL) $ 5.28 2.57%