Twitter Stock Rises 25% after Musk Purchases 9.2%, Dogecoin also jumps up!

According to a recent filing with SEC, Elon Musk acquired more than 70,000,000 Twitter shares.

Twitter shares’ pre-market price soared by double-digits after news broke that Tesla’s CEO had purchased a 9.2% passive share in the social media platform. Dogecoin’s value also rose after the news was announced.

According to a filing with the Securities and Exchange Commission Elon Musk had taken a 9.2% passive share in Twitter as of March 14th. This stake was valued at nearly $3 billion before the news broke.

This means that he now has 73,486,936 shares in the social media giant. TWTR’s pre-market price jumped 25% from $39.31 (close on Friday) to almost $50 after this news broke.

Musk criticised Twitter’s lack of transparency and freedom to speech on March 26, which was after he purchased shares. Musk also tried to build a new platform at the time.

The price of Dogecoin felt the same effects as almost everything else that is even remotely related to Elon Musk.

Dogecoin was trading at $0.14, before jumping by almost $0.16 intraday shortly after the news broke.