This News Raised Dogecoin Price: Here’s What Happened!

Dogecoin: Social media giant Twitter gave a power of attorney to the SEC on Tuesday asking its shareholders to attend a private meeting regarding Elon Musk’s $44 billion takeover deal. In the filing, Twitter’s board of directors unanimously advises its shareholders to vote in favor of the takeover deal. With this news, Dogecoin price exploded.

Twitter asks shareholders to approve takeover deal

Twitter’s board of directors believes that Elon Musk’s $44 billion deal and other actions envisioned in the deal are fair, recommendable, and fair to the interests of Twitter and its shareholders. The Board recommends the shareholders to vote ‘DEFINITELY’ to postpone the extraordinary meeting due to the merger agreement, compensation to be paid to senior executives and insufficient votes.

Elon Musk founded three entities, X Holdings I, X Holdings II, and X Holdings III, as part of his bid to buy Twitter. Under the deal, Twitter will merge with X Holdings II, a subsidiary of X Holdings I. Following the merger, Twitter will become a wholly owned subsidiary of parent company X Holdings I. In addition, Twitter will cease to be a publicly traded company. In addition, the common stock will convert into an interest-free cash entitlement of $54.20.


Shareholders are expected to vote on the deal that will allow Elon Musk to buy the company in July or August. The special meeting will be held virtually on a live interactive webcast. It is possible for the shareholders to listen to the private meeting live and vote online. Shares of the company rose to a pre-market high of $39.51 in pre-market trading. At the time of writing, the stock price is up 2% to $38.19.

Elon Musk wants to fix unresolved issues before taking over

The board’s recommendation came soon after Elon Musk doubted the completion of the $44 billion deal. The most important issue for Musk remains the number of fake accounts on Twitter. He believes the deal cannot move forward until Twitter’s data on fake accounts is shared. Second, debt financing is also a roadblock, as Musk isn’t sure about it. And the last is the shareholders approve the deal.

Dogecoin took the attack after the Twitter news As we have reported, Elon Musk’s bid to acquire Twitter has been unanimously approved by the Twitter Board of Directors. In addition, the Board advised the shareholders to approve the agreement. Dogecoin (DOGE), which had been rising all day with rumors of a potential deal confirmation, instantly reacted with a 9% gain. It brought cumulative daily growth to almost 19%.

Currently, Dogecoin (DOGE) is priced at 0.06706 cents per DOGE, with a total capitalization of $8.9 billion. This capitalization puts the former meme coin, now a means of payment, in tenth place in terms of market capitalization of CoinMarketCap.

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Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing site 3 months ago.