Twitter’s stock pumps like crypto because of Elon Musk’s entry in the company

The share of the Twitter company saw a pump by around 25% today because of the news of Tesla CEO ownership in Twitter’s stake. 

Elon Musk is a famous personality in almost every sector, whether crypto or non-cryoto. Elon has been active in the crypto industry mainly since 2020, where at the end of 2020 he started to talk about the Dogecoin project and pumped Dogecoin rapidly to more than 200× within a few months. Elon is the owner of many companies like Tesla, SpaceX, etc. 

According to the 14 March filing with US Securities and Exchange Commission (SEC), Elon Musk is holding a 9.2% stake in Twitter, which means 9.2% ownership of Twitter is in the hands of Elon Musk. 

On Monday, in the pre-trading time frame, the Twitter stock surged from $39.31 to $49.06 — up 25%, after Elon revealed his ownership in the stakes of Twitter. 

Crypto, blockchain may enter in Twitter 

A few months ago, when Twitter introduced NFTs features support, Elon Musk criticized the Twitter platform and suggested to use resources to make the platform much better instead of such useless things. 

On 24 March, Elon tweeted a poll and asked people to vote whether the algorithm of Twitter should be open source or not. In the below tweet, we can see that 83% of people supported that Twitter should be on open source algorithm.

Now there are chances that Elon may bring some better such types of open sources concepts or alternative decentralized features to Twitter. However here it will be too early to comment on such things but here surely some blockchain-related things may enter because, without Blockchain, the open-source concept will remain pending. 

On 28 March, just four days after the entry of Tesla CEO in Twitter, Microstrategy CEO Michael Saylor proposed to introduce a Bitcoin fund reserve system to verify the user’s account to give a separate verification tick to slow down the spam on the platform.

Read also: On The Run (OTR) working with CryptoCom to accept crypto payments