According to a CNBC report, Tesla CEO Elon Musk has made a long-awaited acquisition. With a $44 billion deal, Musk is now in charge of social media platform Twitter. Meanwhile, Twitter announced a new NFT feature. All these developments have affected Dogecoin (DOGE), Elon Musk’s favorite cryptocurrency. Here are the latest developments for Twitter and the price change of Dogecoin…
Elon Musk finally bought Twitter
Tesla and SpaceX CEO Elon Musk’s anticipated purchase for months has finally taken place. Elon Musk bought the social media platform Twitter for $44 billion. CNBC reporter David Faber shared that Twitter’s CEO Parag Agarwal and chief financial officer Ned Segal have left the company’s headquarters in San Francisco. Faber added that executives “will not return.” The report comes after Musk shared his reason for buying Twitter in a tweet on Thursday. The billionaire used the following expressions:
I made the [Twitter purchase] to try to help the humanity I love. I accept this with all my humility that, despite our best efforts, our failure to achieve this goal is a very real possibility.
Dear Twitter Advertisers pic.twitter.com/GMwHmInPAS
— Elon Musk (@elonmusk) October 27, 2022
On the other hand, Faber believes that Musk will lay off some of the company’s employees. He even thinks that the number of people to be laid off will correspond to three-quarters of the employees. The 51-year-old billionaire changed the description of his Twitter account to “Chief Twit”. Faber believes Musk could be the interim CEO of the social media platform.
Twitter announced a new feature
Meanwhile, cryptocoin.com As we reported, Twitter has announced an NFT feature. Twitter has announced new developments in the world of NFTs. Last night, Twitter announced the “NFT Tweet Tiles” test. According to the tweet, collections featured in Rarible, Magic Eden, Dapper Labs and Jump Trade NFT will be showcased with details. The development came after the claims of the famous tech blogger Jane Manchun Wong. About four days ago, Manchun suggested that Twitter is “working on a prototype of a wallet that supports cryptocurrency deposits and withdrawals.”
Dogecoin’s price reacted to all developments
Right after Elon Musk’s acquisition of Twitter, DOGE went up to about $0.084. Already backed by Elon Musk, the number one meme coin has surged over 10 percent in the last 24 hours, then plummeted. Currently, its seven-day rise is 26.5 percent. With the latest increase in value, it recorded the highest level of the last 10 weeks. DOGE retraced to $0.75 levels after rising from $0.084. Meanwhile, Dogecoin’s hash rate rose to 815 TH/s per second on October 18. Thus, it reached a seven-month high.
