DOGE Co-Founder Says Musk’s Twitter Offer Is a “Hostile Takeover”

DOGE co-founder says Musk’s Twitter officer is a hostile takeover after Elon Musk proposed to acquire all of Twitter recently so let’s read more in today’s latest cryptocurrency news.

The news of Elon Musk’s bid to buy Twitter has the crypto world in a parlor with many seeing it as a move for free speech while others see it as a billionaire that will take over the company. One of the people that was not impressed with Musk’s move is the DOGE co-founder Jackson Palmer. He noted:

“It takes some pretty impressive mental gymnastics to associate any type of ‘freedom’ with the richest man in the world initiating a hostile takeover and forcing one of the largest public social media platforms private.”

Since 2019, Musk has been one of the most vocal supporters of DOGE and his tweets moved the needle on the DOGE price a few times. DOGE hit an all-time high of $0.73 in 2021 and the same day Musk hosted Saturday Night Live but then it dropped to $0.43 overnight. With all Musk has done to pump the price of DOGE, it is notable that one of the DOGE creators will come out against his bid to take Twitter private but it was not spring considering Palmer has also been critical of crypto and its supporters. He noted:

“After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight, and artificially enforced scarcity.”

Palmer even went on to say that he thinks the crypto market is controlled by a powerful cartel of powerful figures and it makes funneling profit to those at the top more efficient. He also said that he will never return to crypto. Jackson Palmer and Billy Markus launched DOGE in 2013 as a joke aiming to poke fun at the nascent crypto industry by using the Shiba Iny dog as a meme. Since then, the original meme coin surpassed a huge following and became the 11^th biggest crypto by market cap at $19.06 billion.

As recently reported, The CEO of Tesla purchased a 9.2% stake in Twitter and was appointed to the board of directors shortly after. Now, he made a few propositions to the social media giant’s subscription plan which sees the implementation of DOGE payments. Elon Musk suggests adding DOGE payment options and filed with the SEC showing that he purchased over 70 million Twitter shares which makes him one of the two biggest TWTR stockholders.