Will Dogecoin Profit From Elon Musk’s Major Twitter Stake?

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Last Updated on 5 April 2022 by CryptoTips.eu

Jeroen Kok

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About two weeks ago, Dogecoin got a bump through an Elon Musk reply. The most popular memecoin jumped 10% after Musk hinted he would build a new social media platform (feeling that Twitter was obstructing free speech) or buy Twitter itself, to which one of his followers hinted there should be a Dogecoin tip jar in that case. The Tesla CEO confirmed jokingly.

Yesterday, business media had to admit that Elon Musk was apparently not joking after the Tesla CEO had purchased a giant stake in Twitter. The 9.2% of all shares now makes Musk the largest outside shareholder in the social media stock.

Musk could try to take a more aggressive stance here on Twitter,” Wedbush analyst Dan Ives said.” “This eventually could lead to some sort of buyout. This makes sense given what Musk has at least been talking about, at least from a social media perspective.

According to the Securities and Exchange Commission 13G filing released Monday, Elon now owns 73,486,938 shares of Twitter. Based on Twitter’s closing price of last Friday, Elon’s stake is worth $2.89 billion.

Furthermore, it comes also only days after Musk responded to a question by Brett Winton, Director of Research at Ark Invest with a ‘video that explains everything’

YouTube video

The video in question was ‘D is for Dogecoin’, meaning Musk is still a big fan of the Shiba Inu themed coin.

As a result of yesterday’s Twitter news, Dogecoin jumped 8% in value with most people remembering the Musk comment that he would allow a ‘Dogecoin tip jar’ but it’s growth has been quite modest since, as if the crazy offshoots for Dogecoin are a thing of the past and a more normal trading mechanism will set in.

If Musk ends up owning Twitter, can he still make crazy Doge comments and send out memes or will he have to show the same restraint as the SEC orders him to have with regards to Tesla’s price? Too soon to tell but in any case, much Wow.