The CEO of SpaceX and Tesla is getting closer to his goal of acquiring social media giant Twitter, and in response his favorite cryptocurrency Dogecoin (DOGE) is rallying.
According to a new Bloomberg report, the billionaire entrepreneur is in negotiations with Twitter executives and shareholders to purchase the platform with backing from banking giant Morgan Stanley.
[adinserter block="1"]On April 14th, it was initially reported that Musk had registered an offer with the U.S. Securities and Exchange Commission (SEC) to purchase Twitter for $43 billion.
Musk had previously bought up 9% of Twitter’s total shares for approximately $2.6 billion but declined an offer to join its board of directors before making the unsolicited purchase bid.
Bloomberg says that in addition to $3 billion in cash, Musk revealed in a new securities filing last week that he was lining up tens of billions of dollars through a combination of debt financing, loans and equity financing.
The first SEC filing contains a letter Musk sent to Twitter chairman of the board Bret Taylor which explores Musk’s motives and intentions.
Musk said at the time,
“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy.
However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.”
In response to Musk’s previous offer, Dogecoin enjoyed a dramatic but brief spike in value by jumping 5.8% from $0.138 to $0.146 before correcting.
DOGE had fallen to a monthly low of $0.124 earlier today before launching vertically by 15.3% on the news of Musk’s Twitter takeover attempt. At time of writing, DOGE is still holding its gains, currently trading for a price of $0.143.
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