Dogecoin (DOGE) Price Rises Due To Elon Musk Buying Twitter Shares, How Come?

DOGE prices go up because of Elon Musk. (Photo; Kanchanara - Unsplash)

JAKARTA – The richest man on Earth, as well as the owner of Tesla and SpaceX, Elon Musk has bought 73.4 million shares of Twitter. This purchase makes Musk one of the largest shareholders of the social media platform with the blue bird logo, which has around 217 million active users per day.

This information was conveyed by the US Securities and Exchange Commission (SEC) which stated that the Tesla boss applied for the purchase of 73,486,938 Twitter shares on March 14 through the Elon Musk Revocable Trust, as reported by Dailycoin on April 4, 2022.

Elon Musk has officially become one of Twitter's largest shareholders. However, Musk will not be involved in the company's decision-making. The richest person in the world spent 2.9 billion US dollars (equivalent to Rp. 41.5 trillion) to buy Twitter shares (TWTR) at a price of 33.03 US dollars.

This massive purchase made the price of TWTR skyrocket by more than 29 percent. The rising share price of TWTR made Elon Musk's wealth more than 1.2 billion US dollars (equivalent to Rp. 17.2 trillion).

Earlier, Elon Musk asked his tens of millions of Twitter followers whether free speech is essential to the functioning of democracy and whether Twitter strictly adheres to the principle. Next Musk asked followers to choose answers carefully because the poll is very important.

From the results of a poll on Twitter, as many as 29.6 percent said "yes" and agreed that Twitter had complied with the principle of free speech. While about 70.4 percent said "no." Furthermore, Musk then stated that the social media platform would likely accept payments with the cryptocurrency Dogecoin (DOGE).

DOGE price goes up

Elon Musk's stated effort to adopt DOGE for payments has boosted the price of the Dogecoin cryptocurrency. DOGE experienced a 9 percent increase. As of writing, Dogecoin is trading at IDR 2,182. According to data from Coinecko, the all-time high price (ATH) of Dogecoin was recorded on May 8, 2021 at a price of IDR 10,338.