Musk’s $44 Billion Successful Acquisition of Twitter Favors the Prospect of Cryptocurrencies

According to Twitter’s official announcement on Monday (25th), its board of directors has accepted a general acquisition offer from Elon Musk, the world’s richest man and Tesla’s founder and CEO, to sell Twitter for $54.2 per share, worth about $44 billion in total, a transaction expected to completed by the end of this year. Twitter will be delisted by then to complete the transition to privatization.

Immediately following the announcement, outsiders grew widely concerned about whether former US President Trump would be deregulated and returned to Twitter. In response, Trump took the lead in making a statement, expressing his fondness for Musk and praising him for being a good person. However, Trump was very dissatisfied with the way Twitter previously treated him. Therefore, Trump said he would not return, even if Musk rescinded the order of blocking his account.

Elon Musk, well-known as a proponent of cryptocurrencies, pushed Dogecoin to an all-time high of $0.67 last May, driven only by a post from him on social media. On top of that, Musk’s Tesla is one of the biggest corporate buyers of Bitcoin. Therefore, the market generally expects Twitter will have more applications that are cryptocurrencies-friendly under Musk’s leadership.