Elon Musk Buys Twitter for $44 Billion

The Dogecoin (DOGE) price has reacted with a sharp increase to the news about the decision of Twitter management to sell the social network to Elon Musk. Over the past 24 hours, the meme cryptocurrency has grown by 24.2%.

On the evening of April 25, the price of DOGE reached $0.17. The rate has now corrected to around $0.15.

The sharp rise allowed Dogecoin to dislodge Polkadot from the 10th position in the crypto asset capitalization ranking.

According to a press release, the Twitter management has accepted Elon Musk’s takeover bid for the social network for about $44 billion. Tesla’s CEO will pay $54.2 per share, which is 38% more than their value as of April 1, when Musk acquired 9.2% of the company’s shares.

The deal is expected to close by the end of 2022.