10/29/2022 | The Street

Dogecoin Climbs 77% After Elon Musk's Twitter Takeover

Dogecoin Climbs 77% After Elon Musk's Twitter Takeover

Elon Musk's recent $44 billion takeover of social media platform Twitter has the crypto community buzzing and saw Dogecoin rallying 77% over the week.

The popular memecoin has long been promoted by Twitter's new owner, even prompting a $258 billion lawsuit from Dogecoin investors who say Musk has been pedaling a Dogecoin "pyramid scheme."

The Twitter news also has crypto observers watching closely, after Binance, the world's largest crypto exchange, put $500 million of its money into the deal as an equity investment.

“We're excited to be able to help Elon realize a new vision for Twitter," Binance CEO Changpeng ‘CZ’ Zhao told Decrypt. "We aim to play a role in bringing social media and Web3 together in order to broaden the use and adoption of crypto and blockchain technology.”

Other investors who have pledged $2.5 billion or more in Twitter include Morgan Stanley, Bank of America, and Barclays, while Sequoia Capital, Qatar Investment Authority, and Fidelity Management & Research are committing equity investment.

Musk has gone on record saying his ownership of Twitter stems from a desire to protect the “future of civilization" and create a “common digital town square” hosting diverse viewpoints, in order to avoid “far right-wing and far left-wing echo chambers.”