The Tesla CEO’s long-awaited acquisition of Twitter is coming to a close.
Key Takeaways
- Elon Musk entered Twitter headquarters today toward the end of his planned acquisition of the company.
- Musk reportedly will finalize his acquisition of the social media company by 5 p.m. ET on Friday, October 28.
- Though Musk’s crypto plans for Twitter are uncertain, Dogecoin has gained 15% over 24 hours.
Elon Musk visited Twitter on Wednesday as his planned acquisition of the social media company nears completion.
Musk Visits Twitter
Elon Musk is visiting Twitter headquarters.
Musk entered the headquarters carrying a sink fixture, later tweeting “Entering Twitter HQ—let that sink in.” He also changed his Twitter bio to read “Chief Twit.”
Leslie Berland, Twitter’s Chief Marketing Officer and Head of People, reportedly stated in an internal memo that Musk “is in the [San Francisco] office this week meeting with folks, walking the halls” and seeing employees’ work.
She also said that he will address Twitter employees this week. “You’ll all hear directly from him on Friday,” she wrote.
Musk’s acquisition of Twitter is expected to close imminently. Yesterday, he informed his backers that he would close the Twitter deal by Friday, October 28. Recent reports suggest that the deal will close by 5 p.m. ET that day.
The closure of the Twitter acquisition comes after several months of anticipation. Musk’s first offer to buy Twitter was revealed in a filing on April 14. Twitter initially blocked the deal but accepted a $44 billion offer on April 25.
Between May and June, Twitter failed to provide sufficient information about spam and fake accounts, and Musk officially canceled the deal on July 8.
Later in July, Twitter secured a trial against Musk in an attempt to compel him to carry on with the deal. That trial began this month, and around October 4, Musk decided to proceed with the Twitter acquisition regardless of the case’s eventual outcome.
It is still unclear whether Musk’s earliest cryptocurrency plans—such as Dogecoin integration and microtransactions to prevent spam—will be implemented on Twitter.
The news is nevertheless generating hype within the crypto community, as DOGE is up 15% over the past 24 hours. With few other major events occurring around the cryptocurrency, those gains are almost certainly due to the Twitter deal.
Dogecoin’s gains are higher than other benchmarks: Bitcoin is up just 3.0%, and the entire crypto market is up 3.3%.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other digital assets.
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