Twitter’s future is uncertain as Elon Musk withdraws from the acquisition. Meanwhile, Twitter shares and Dogecoin are unexpectedly lower.
Elon Musk has given up on Twitter
cryptocoin.com As we reported, on Friday, billionaire and Dogecoin supporter Elon Musk announced that he was withdrawing from the deal to acquire Twitter because the social media platform did not meet its contractual terms to provide data on spam activity on the platform, according to multiple sources.
As reported by Reuters, a file read by Musk’s legal team states:
Twitter is in material violation of many provisions of this Agreement. It seems that Musk made false and misleading statements on which he relied when entering the Merger Agreement.
It is worth noting that the deal is one of the most anticipated and closely watched this year. What’s more, it took a while for the Twitter board to agree to the sale.
Twitter accepts Dogecoin (DOGE), but musk doesn’t trust spam data
In May, Musk announced that he was suspending the deal until the company made data on spam activity available on its platform. He also suspected the company was providing inaccurate data, claiming that spambots accounted for less than 5% of users. Fox Business reporter Eleanor Terrett ascribes the statement to Musk, trying to explain why the company has not yet provided the necessary data, while Twitter ignored or refused requests for more information. Eleanor Terrett’s statements on the subject were as follows:
Twitter appears to be ‘significantly’ underestimating the proportion of spam accounts represented in active users.
It’s worth noting that Elon Musk’s pending deal with Twitter bolsters the social media platform’s share price at this time when it’s becoming increasingly difficult for technology shares to be considered risky assets. As a result, experts expect shares to drop after the latest announcement. Meanwhile, Twitter announced that it plans to take Musk to court:
The Twitter Board is committed to closing the transaction on the price and terms agreed with Musk. It also plans to take legal action to enforce the merger agreement.
Twitter and Elon Musk news make Dogecoin price fluctuate
Notably, the deal also affected the price movements of the popular meme coin Dogecoin. He rushed to the exchanges, predicting that investors would integrate the Dogecoin evangelist into the platform for tipping features like Bitcoin. The imminent closure of the deal has caused the token price to soar, according to a report that Musk hinted at in a meeting with the Twitter board.
On the technical side, Dogecoin shows that the 8- and 21-day SMAs are compressed below the current market value. DOGE price shows a significant difference between early risk takers and more conservative bulls.
The invalidity of the bullish thesis will be evident at $0.04914. Dogecoin is currently trading at $0.06926.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.