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Elon Musk Owns Twitter: Will It Impact The Crypto World

By Tokenize Xchange
November 07, 2022

Crypto breaking news – Elon Musk, the CEO of Tesla, is now in charge of Twitter. Experts in the cryptocurrency sector believe that Elon Musk has consistently had a significant impact on the bitcoin environment. So, how can this event impact the crypto market? Let’s find out with Tokenize Xchange – Crypto Exchange Platform Singapore.

elon musk owns twitter

What happened between Elon Musk and Twitter?

Elon Musk finally closed the Twitter deal

It all started on 4th April when Elon Musk bought 73.5 million shares of Twitter for nearly $2.9 billion. The deal accounted for a 9.2% stake and boosted Twitter’s stock price by the rumors that he was looking to take control of the company. Twitter CEO, Parag Agrawal, excitedly invited Elon Musk to join the BOD. But the billionaire refused and offered to buy this social network for $54.2 per share. Twitter agreed.

Just a few months later, the billionaire began to be aroused suspicions about the Twitter deal and accused the company that it had failed to fully disclose the number of clones and fake accounts. As a result, Elon Musk announced the cancellation of the agreement. 

Twitter sued and accused him of “refusing to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests”. However, in early October, the billionaire changed his mind and decided to process the Twitter deal again at the proposed price. This move might help Elon Musk to avoid legal troubles.

On 28th October, Elon Musk tweeted “the bird is freed” and changed his bio to “Chef Twit”. That means the $44 billion acquisition was done!

Top executives were fired

According to multiple sources, after being the boss, Elon Musk immediately fired key executives including CEO (Parag Agrawal), CFO (Ned Segal), Head of Legal Policy, Trust and Safety (Vijaya Gadde), and General Counsel (Sean Edgett). 

In the previous months, Gadde had previously come under fire from the Tesla CEO on his Twitter account since she had a hand in the decision to remove the former president Donald Trump off the platform. He has clashed with Agrawal as well. When CEO Jack Dorsey took over for the company’s founder late last year, Musk publicly tweeted feces emojis at him.

 Elon Musk repeatedly claimed that the company was underperforming. His attempt not to pay the top four Twitter executives could lead to a protracted legal argument, which would be not good for Musk. Finally, the Tesla CEO decided to “turn the tables” and fire those four executives. In addition, Musk was also said to desire to reduce Twitter’s employment by 75%.

How will this impact the crypto world?

Elon Musk’s reputation has been associated with a number of cryptocurrencies such as Dogecoin and Bitcoin. He was the one who allowed users to pay for Tesla vehicles with Dogecoin or Bitcoin. He was also the one that made the decision to buy billions of dollars in Bitcoin. In addition, Tesla CEO also has a great influence on the crypto market. Musk’s tweets about Dogecoin, SHIB, or FLOKI often push the price of meme coins up in a short period of time.

Recently, the Twitter acquisition helped the popular meme Dogecoin break out of the crypto winter. According to CoinMarketCap, the DOGE price has increased by 116% in the past week, from $0.60 to $0.13 at the time of this writing. Dogecoin’s market capitalization has skyrocketed from around $8.1 billion to $15.9 billion, surpassing plenty of top coins like Cardano and Solana.

The purchase of Twitter can influence the whole crypto world. Joey Hickson, an influencer who has over 180 million followers on Twitter tweeted.

In fact, a cryptocurrency service called NFT Tweet Tiles was one of the first products to be introduced in the Elon Musk era. It allows users to buy, sell, and display non-fungible tokens (NFTs) directly through Tweets and was introduced on 28th October – just one day after Musk assumed control of Twitter.

Do you think that Elon Musk becoming Twitter’s boss can save the crypto market from the crypto winter? Don’t hesitate to share your thoughts with us! And follow Tokenize Xchange – Singapore Crypto Trading Platform for more market news. 

Disclaimer

Cryptocurrencies are subjected to high market risk and volatility despite high growth potential. Users are strongly advised to do their research and invest at their own risk.