Elon Musk, the Tesla CEO, bought 9.2% stake in Twitter for $2.9 billion (prior to the bullish spike in today's session). The filing shows Musk owns 73,486,938 shares. The filing lifted Twitter higher in the stock market as well as Dogecoin.
source: SEC
The stocks are held by Elon Musk Revocable Trust, which means he is the only trustee. When more than 5% stake is bought a disclosure of the purchase must be filed with the Securities and Exchange Commission (SEC ).
However, a stake of less than 10% is considered passive, with time Musk may choose to have an active stake in the company. Trading volumes in Twitter may increase due to the filing.
Musk has been criticizing Twitter for some time. At the end of March 2022, Musk tweeted that he is giving serious thought to launching his own social media platform.
source: Twitter
Dogecoin, Will the Rally Continue?
Tesla began accepting Dogecoin for some of its merchandise. Elon Musk confirmed he is holding Bitcoin, Ethereum and Dogecoin. The rally in Dogecoin due to the SEC filing lifted DOGE higher.
According to CoinMarketCap, the trading volumes in DOGE increased by +217% at the time of writing.
Despite the re-hype over Dogecoin the path for the cryptocurrency is still unclear. When firm, bullish spikes take place in the market they tend to follow by some retracement. Stepn is a good example.
Dogecoin is already accepted by many companies as a form of payment. Besides Tesla, Petco, Nordstrom and GameStop are all accepting Dogecoin. Also, it is currently insufficient to trigger substantial gains in the cryptocurrency.
Dubbed as the 'internet's tipping currency', if Elon Musk is able to influence through Twitter by adding Dogecoin as one of the tipping options (jar) it may create another bullish wave for the meme coin.
