Business magnate and Tesla CEO Elon Musk is adding ownership of another tech giant to his growing empire of companies, inspiring Dogecoin (DOGE) to continue the rally it sparked earlier this week.
According to a new report by Reuters, the billionaire recently completed his multibillion-dollar acquisition of social media giant Twitter, starting off his time at the helm by firing numerous executives and employees.
Immediately after the purchase, Musk told his 111 million Twitter followers that “the bird is freed.”
The billionaire says he acquired Twitter because he believes civilization needs a space where ideas can be debated freely.
“The reason I acquired Twitter is because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence.”
The news sent popular meme token DOGE soaring once again, going from a 24-hour low of $0.0729 to $0.0877, an increase of about 12%. Dogecoin recently sparked a rally after it was announced that Musk visited Twitter’s headquarters in San Francisco just a day before he completed the massive $44 billion deal.
At the time, DOGE skyrocketed from $0.063 to a seven-day high of $0.072, a 14.8% increase. Previously, Musk had said that payments have essentially been digitized and that Twitter should allow digital payments.
Currently, Twitter has a feature that allows users to send the top two digital assets, Bitcoin (BTC) and Ethereum (ETH), instantly across the globe.
Though Musk has not specifically mentioned incorporating Dogecoin into the tipping feature, he has heavily praised the meme asset in the past, prompting investors to speculate he will add DOGE to the protocol.
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