Elon Musk The Doge Father Pulls Out Of The $44 Billion Deal To Buy Twitter

Elon Musk, CEO of Tesla and founder of Space X, is attempting to back out of his $44 billion offer to buy Twitter, a social networking firm.

His lawyers issued a letter to the Securities and Exchange Commission informing them of his plans. According to the letter, Twitter violated multiple pacts by giving Elon Musk inaccurate or misleading information that he used to sign the Merger Agreement. The letter specifically addressed Twitter’s failure to give him statistics and information about phony and spam accounts on the network. It read:

For nearly two months, Mr. Musk has sought the data and information necessary to “make an independent” assessment of the prevalence of fake or spam accounts on Twitter’s platform

Twitter has failed or refused to provide this information. Sometimes Twitter has ignored Mr. Musk’s requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr. Musk incomplete or unusable information.

Twitter board promises to complete the deal with Elon Musk 

However, Twitter’s board has promised to see the deal through even if it means taking legal action to enforce the merger agreement through the leadership of its Chairman Bret Taylor. The Tweet that appears below is Mr. Taylor’s contribution to the conversation.

Dogecoin price remains stable

After making an appearance on Saturday Night Live in May 2021, Elon Musk became known as the DogeFather over time. Additionally, he had made a suggestion that if his bid to buy the social media site went through, Dogecoin might be used on Twitter for membership payments.

As of this writing, news of Elon Musk’s decision to pull out of his Twitter proposal has not decreased Dogecoin’s value.

However, the 50-day moving average presents the meme currency with significant resistance, as can be seen in the daily DOGE/USDT chart below. The daily MACD and MFI both point to overbought conditions, while the MFI points to lower buying. Therefore, Dogecoin may experience a decline throughout the coming week, especially if Bitcoin loses the $21k support.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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