Dogecoin Price Surges As Musk Reportedly Buys Twitter

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If there’s one thing we know about Elon Musk, the world's richest billionaire and CEO of electric car company Tesla and space exploration company SpaceX, he knows how to make the news cycle spin.

This time, the news is that Dogecoin, Musk’s favorite cryptocurrency, saw a 12 percent bounce after it was reported that Twitter could be prepared to accept Musk’s earlier offer to buy the platform for $54.20 a share. The latest news is that Twitter and Musk could close on a deal today.

A Timeline of Events in the Elon Musk-Twitter Hostile Takeover Saga

On March 25, Elon Musk posted a Twitter poll asking if his followers believe the platform adheres to free speech principles. The next day, he tweeted that Twitter undermines free speech, apparently satisfied that his unscientific poll was accurate (the result was 70.4 percent “no” and 29.6 percent “yes” in response to the question “Do you believe Twitter rigorously adheres to this principle (the principle of free speech)?”

On April 4, Musk announced that he owns 9.2 percent of Twitter after storing up the company’s stock over a period of time. He suddenly became the largest individual Twitter shareholder.

On April 5, Musk and Twitter announced that he would join the Twitter board.

On April 11, the billionaire changed his mind and decided not to join Twitter’s board.

On April 13, Musk filed a Schedule 13D with the Securities and Exchange Commission, making an official offer to buy Twitter. The next day, he tweeted that he had made the offer and proposed to take Twitter private.

On April 14, Tron Founder Justin Sun responded to Musk’s tweet saying he’d pay $60 per share for Twitter. Sun said he’d make Twitter decentralized, open-source its code, and move it offshore.

Later, on April 14, FTX CEO Sam Bankman-Fried responded to Musk’s tweet with thoughts on what a decentralized Twitter would look like.

Later in the day on April 14, Cardano Founder Charles Hoskinson responds to Musk on Twitter saying if Twitter reject’s his offer then Hoskinson would “be happy to build a decentralized one” for the billionaire.

Also on April 14, in a TED Talk interview with Chris Anderson, Musk said he’s not sure he’ll be able to buy Twitter.

On April 15, Vanguard Group revealed that they’ve purchased a 10.3 percent stake in Twitter, making Elon Musk the second largest Twitter shareholder.

On April 19, the Twitter board announced they were using the “poison pill” defense against Musk’s hostile takeover attempt. The defense strategy allows other shareholders an opportunity to purchase shares potentially diluting Musk’s stake on the company.

On April 21, Musk said he’s secured the funding to buy Twitter.

With the latest development, if Twitter and Musk reach a deal to buy Twitter, the world will watch closely to see whether Musk can affect the changes he’s proposed and make the social media platform better and more profitable.