Crypto and Tesla shares slumps as Elon Musk’s acquires Twitter
In current week a number of crypto currencies some how related and influenced by Elon Musk are slumping. This happens as Tesla (NASDAQ:TSLA) CEO Elon Musk acquired Twitter (NYSE:TWTR) for roughly $44 billion. TSLA stock on Tuesday fell 12% on the acquisition news, erasing $126 billion in market cap during its sell-off and a lose $32 billion to Musk in paper wealth.
The Dogecoin (DOGE-USD) on April 26 climbed to $0.165 and gained over 30% in just 24 hours, and loyal Baby Doge coin and Shibes began to hope another DOGE rally. But unfortunately opposite happened. Dogecoin then fell around $0.1353. On 28 April it is again gaining momentum but Baby Doge Coin (BABYDOGE) is slumping. Currently, the token is down about 2% . But definitely Elon ,world’s richest man knows power of twitter and its impact and influence on world as a news generating machine. It is rightly propagated that Influencer are on TikTok, world leaders are on Twitter. It of course will impact the 2024 US presidential election.However, the fears around Musk selling some Tesla stocks to pay for Twitter becomes an overhang for Tesla.