Dogecoin (DOGE) quotes reacted sharply to the news about the Twitter administration’s decision to sell the social network to Elon Musk. According to CoinGecko, the meme cryptocurrency grew 24.2% in the past day.

On the evening of April 25, the DOGE price has now reached $0.17. Currently, the rate is corrected around $0.15.

The sharp rise allowed Dogecoin to remove Polkadot from line 10 of its crypto-asset capitalization rating.

According to a press release, Twitter management has accepted Elon Musk’s offer to take over the social network for approximately $44 billion. Tesla’s CEO will pay $54.2 per share – which Musk bought 9.2% of the company 38% more than their value as of April 1. share.

The deal is expected to be completed by the end of 2022. From now on, Twitter will be a private company. Stocks can only be bought and sold on the over-the-counter market.

Musk set aside $21 billion in personal funds to acquire the social network. Another $25.5 billion was provided to the entrepreneur by a group of banks led by Morgan Stanley.

Earlier it became known that the Twitter leadership changed its attitude towards the billionaire’s proposal. A new round of negotiations followed the filing with SEC Documentation for withdrawals of $46.5 billion.

Twitter’s independent chairman, Bret Taylor, said the board of directors had carefully considered the takeover and concluded that it was “the best course for shareholders.”

Commenting on the deal, Musk said he hopes his harshest critics won’t abandon the platform because “that’s what freedom of speech means.”

Musk also called Twitter a “digital town square” where vital questions about the future of humanity are discussed.

“I want to make Twitter better than ever by adding new features, turning on algorithms to increase trust, defeating spam bots, and authenticating all people. Twitter has great potential – I look forward to working with this company,” he wrote.

The founder of the social network, Jack Dorsey, welcomed the board’s decision. He stressed that Musk’s goal – to create “the most reliable and open platform” – was right. It reflects the posts of Parag Agrawal, the current head of the social network.

“Thank you both for getting the company out of a hopeless situation. This is the right way… I believe this wholeheartedly. I’m so happy Twitter will continue to serve public conversation. Around the world and to the stars!” wrote Dorsey.

On April 14, Tesla’s president offered to buy the social network for more than $43 billion. He announced this not out of a desire to make money, but with the intention of creating an “inclusive arena for free speech.”

Recall that Ethereum co-founder Vitalik Buterin supported the takeover of Twitter by Musk, but was skeptical of the overall positive impact of the transition of media platforms to billionaire ownership.