Dogecoin is trading up 25% since Monday after news that Elon Musk has completed the acquisition of social media giant Twitter.
Doge price is up 56% in the last 7 days.
While the price of the meme coin rose by 10% after the CEO of Tesla changed his Twitter bio on Wednesday to indicate and hint that he became the CEO of Twitter.
After a month of a long battle between Musk and Twitter over the sale, Musk closed the deal on Friday.
According to a CNBC report, the CEO of Tesla is now responsible for social media platform and online news platform Twitter with a $44 billion deal.
Musk also decided to fire senior executives, including CEO Parag Agrawal and chief financial officer Ned Segal.
Following the announcement, Twitter CEO and CFO Prague Agarwal has left the company's San Francisco headquarters.
CNBC reporter David Faber shared a tweet that the CEOs will not be returning.
Musk expressed his delight at closing the Twitter deal on Thursday and revealed his reason for acquiring the social media platform in a tweet, stating:
Did you buy Twitter to try to help humanity, which I love?
Yes, I do so humbly, knowing that failure to pursue this goal despite our best efforts is a very real possibility.
The reporter, “Faber” expects the possibility of more changes within Twitter because he believes that “Musk” will lay off some of the company’s employees, as this number could reach three-quarters of the employees.
Meanwhile, cryptocurrency exchange Binance confirmed it had invested in the Musk deal on Twitter, Bloomberg reported.
Binance said in a statement, citing its CEO, CZ:
We aim to play a role in bringing together social media and Web 3.0 in order to expand the use and adoption of crypto and blockchain technology.
Quoting a Binance spokesperson on Friday, the report said:
Our initial commitment remains the same and points to the potential to grow the partnership.
In May, Binance said it had committed $500 million to the acquisition as part of its strategy to bring social media and news sites into the world of Web 3.0.
One month later, Binance announced that it had raised $500 million in crypto funds to promote blockchain and Web 3.0 adoption.
