Elon Buys Twitter; DogeCoin Pumps
Every DOGE has its day...
You’ve heard that cats have 9 lives, well in crypto it seems Dogs are the ones with all the luck. Just look at DogeCoin, a project that’s seen another surge in popularity and money flow over the past week with Elon Musk closing the deal to own?Twitter?outright.
The Tesla CEO took the company private after a tumultuous campaign for ownership that had him buy common stock and submit an offer for full ownership, reneging on the deal and ultimately buying the company for the originally agreed upon price of about $44 billion. The value of DOGE immediately surged 13% over 24 hours following the many hints that DogeCoin would be integrated with Twitter.?
Once Musk tweeted another one of his infamous pro-dogecoin posts, all bets were off and the price of DOGE surged another 16% to $0.15 within minutes. The?tweet? Elon’s shiba inu wearing a twitter tshirt with a winking emoji as the caption.?
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The US government is taking a step back to consider whether it has legal authority to?review?the Twitter acquisition. The Washington Post recently reported that although this investigation is unusual, it’s unlikely to end in a full probe. What’s in question? The global investors in the $44 billion acquisition who the United States Treasury is unsure would pass a national security review. The Committee on Foreign Investment in the United States, or CFIUS, reviews are usually on foreign nationals, so it’s unclear if this kind of investigation will apply to Elon Musk, an American citizen.?
Among the major investors are Binance CEO Changpeng Zhao, who invested $500 million for an?equity stake, and the Saudi Prince, who is the second largest shareholder of the company, with $1.89 billion invested from the Saudi Kingdom Holding Company and Prince Al Waleed bin Talal.?
In response, US Senator Chris Murphy tweeted “if this deal goes through, two of the most important US social media platforms will be owned, in whole or in part, by China (TikTok) and Saudi Arabia (Twitter). This is a dangerous trend, and we don’t have to accept it.”?