Twitter Board Unanimously Approves Elon Musk’s Acquisition Bid: Crypto Reacts

By Kevin • June 21, 2022 9:16 pm • Comments

Elon Musk’s recent announcement to acquire Twitter and take the company private sparked a lot of attention from the crypto community.

After all, Musk is known for his promotion of crypto as well as endorsing the use of the popular meme coin Dogecoin in his various businesses.

A successful acquisition of the social media giant could mean even more potential in how crypto could be used which could mean a much more bullish outlook for crypto investors.

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Even during this current bear market, the completion of the acquisition of Twitter by Musk may very well open up doors on how social media platforms can be integrated with crypto.

FoxBusiness reports:

“The Twitter Board, after considering various factors described in the section of this proxy statement captioned “The Merger— Recommendation of the Twitter Board and Reasons for the Merger,” has unanimously: (1) determined that the merger agreement is advisable and the merger and the other transactions contemplated by the merger agreement are fair to, advisable and in the best interests of Twitter and its stockholders; and (2) adopted and approved the merger,” the company said in a Securities and Exchange Commission filing on Tuesday.

The deal, which is currently expected to close in 2022, would take Twitter private at $54.20 per share.

The filing comes as Musk said in an interview Tuesday at the Qatar Economic Forum that shareholder approval was one of three “unresolved matters” that stands in the way of the deal.

In terms of Musk’s current perspective on the crypto industry, he has shared on Twitter that he will continue to support it and Dogecoin specifically.

His recent comments suggest that the current prices may be a dip buying opportunity for investors who still believe in the long term outlook of the digital asset.

As a result of his tweet, the price of Dogecoin was able to rally around 8% in a short amount of time.

During this time, other popular digital assets are also starting to regain some life with some rallies although the overall momentum is still bearish.

TheStreet.com reports:

Dogecoin was created by Palmer Jackson and Billy Markus. The two had said that they’d decided to create a payment system as a joke. The coin was supposed to make fun of the wild speculation in cryptocurrencies.

But it has become one of the world’s most valuable crypto, with a market value of $7.78 billion at last check.

Tesla and SpaceX, two of Musk’s companies accept Dogecoin as payment for their merch. Tesla also invested $1.5 billion in Bitcoin in February 2021. That investment is now worth just $792.21 million, according to Bitcoin Treasuries.

The reasons for the crash are the same: fears of recession are pushing investors to liquidate risky assets. Cryptocurrencies and tech groups are considered as such.

Essentially, there must be utility in order for there to be value and it seems that there is a significant chance of that happening in the next year.

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