Dogecoin Rallies As Elon Musk Acquires 9.2% Stake In Twitter

April 10, 2022 10:07 pm Comments

As a result of acquiring a 9.2% stake of Twitter, Elon Musk was recently announced as a Twitter board member.

In that short time frame, Musk has already proposed sweeping changes for how the company will do business such as advocating for the use of Dogecoin for payments and price reductions for premium services.

The crypt community has already been well-aware of Musk’s inclination to promote the meme coin as Tesla has previously accepted the crypto for various merchandise in the past.

With this new announcement and the potential to integrate Dogecoin into Twitter’s ecosystem, it seems as if the meme coin may be much more than just a meme at this point.

Whether or not this will actually happen is still to be determined, but it is very realistic at this point given that Twitter has just confirmed Musk’s acquisition of 9.2% of Twitter’s stock.

Yahoo reports:

When Twitter’s CEO Parag Agrawal announced the Tesla chief as a board member it signaled his status as an active investor after Musk acquired a 9.2% stake in Twitter between January and April, spending $2.64 billion on the social media giant’s stock.

Musk made an extra $156 million from his investment by failing to disclose his stake earlier to the Securities and Exchange Commission.

The business mogul suggested that the subscription cost should be “proportionate to affordability & in local currency.”

In June 2021, the social-media platform launched its monthly subscription Twitter Blue, which offers “exclusive access to premium features.” It is available in the US, Canada, Australia, and New Zealand.

This would not be the first time Twitter has gotten involved in the crypto scene as the platform had recently integrated NFT functionalities for profile pictures.

Additionally, the company had also announced last year that the platform would give users the ability to tip each other in Bitcoin in order to promote more creation of user content.

As of right now, Musk’s concrete plans for Twitter are still not exactly known, but it is expected that much will be coming up.

Elon has stated on Twitter that he would be making “significant improvements” to the platform by joining the company’s board.

ABCNews reports:

Musk also shared ideas for how Twitter should charge for its subscription membership, saying the fee “should be proportionate to affordability and in local currency,” and adding: “Maybe even an option to pay in Doge?” referring to the Dogecoin cryptocurrency.

“And no ads,” Musk tweeted. “The power of corporations to dictate policy is greatly enhanced if Twitter depends on advertising money to survive.”

Musk’s latest tweets about Twitter, including posting polls asking his 81 million followers whether Twitter is “dying” and whether the company’s San Francisco headquarters should be converted into a homeless shelter “since no one shows up anyway,” followed a tweet earlier in the week asking if he should add an edit button on the platform.

With more and more possible use cases of Dogecoin appearing and its popularity ever increasing, it seems like the meme coin might just be here to stay for the long run.

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