Tesla CEO Elon Musk has made it widely known that he holds a 9.2 percent investment in Twitter, according to publications in Bloomberg, Reuters, CNBC, and other major media.
Elon Musk has become Twitter’s largest shareholder after the Billionaire’s purchase of a major stake in Twitter added impetus to early trading on Wall Street on Monday, where stocks mostly rose.
This explains the purpose of Musk’s public poll, in which the public was asked if the algorithm utilized by the social media company founded by Jack Dorsey should be open source. Musk urged Twitter users to vote carefully, saying that the results would have far-reaching implications.
Colin Wu, a Chinese crypto journalist, tweeted a tweet concerning Musk and his Twitter investment, reminding the community that the billionaire and major Dogecoin supporter had previously stated that he would welcome DOGE’s adoption on Twitter.
Dogecoin (DOGE) price, has increased by 63% after dropping to as low as 54% earlier in March. The meme coin is now cementing gains as its price rebounded from lows of $0.13.
Dogecoin (DOGE) is based on the popular “Doge” Internet meme and has a Shiba Inu on its logo. The open-source digital currency was forked from Litecoin in December 2013 by Billy Markus of Portland, Oregon, and Jackson Palmer of Sydney, Australia. Because it was based on a dog meme, Dogecoin’s designers envisioned it as a fun, light-hearted cryptocurrency that would appeal to a wider audience than Bitcoin’s core demographic. Elon Musk, the CEO of Tesla, has stated on multiple occasions that Dogecoin is his favorite cryptocurrency.
The Tesla CEO’s acquisition makes him the company’s single largest investor, surpassing Jack Dorsey, who stepped down as CEO in November of last year.
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