- Elon Musk purchased twitter at $44 billion and announced his ownership on 28 October 2022.
Elon Musk Officially announced on 28 October 2022 that he acquired the social media platform Twitter on 27 October 2022.
Thousands of Twitter users look unhappy with the new owner of Twitter, and many of them even threatened to quit the platform.
In a filing with FinCEN(U.S Treasury Department Financial Crimes Enforcement Network), Twitter filed its application to become a money service business.
Recently, Elon announced that Twitter would charge a sum of $8 from its users with verfied accounts or Blue Tick.
According to a research report, approximately 900k users recently deactivated their Twitter account and upposed the platform and its new owner for charging verification fees.
The account suspension rate on Twitter which was mostly recorded was between 27 October to 1 November.
Moreover, some users appreciated the step of Musk for charging $8 to retain the verified badge on the account.
Elon Musk’s cent-billionaire is among the biggest supporter of Dogecoin, and after he took over on Twitter, the prices of memecoin accelerated.
On 4 November 2022, Twitter Payment LLC submitted its application as a money transmitter. The submitted application states that Twitter plans to conduct money services in all its international territories, including the United States of America.
FinCEN elaborates money transmitter as a person or company/business providing money transmission services or any other person who transfers funds.
The original Memecoin has not done well after an initial pump in the recent crypto market crash. And According to data from CoinMarketCap while framing this article, Dogecoin is trading at $0.08192 with a 24-hour trading volume of $2,890,906,882.
The highest trading price of Dogecoin is $0.682 which
Dogecoin was highest traded on 8 May 2021 at a trading price $0.682.
Earlier on 9 November 2022 co-founder of Dogecoin predicted that Bitcoin might Hit $100,000. But after the crash of the FTX native token FTT, mostly all cryptocurrencies, including Bitcoin, have faced volatility and mirrors a sudden price decrease.
After acquiring Twitter, Elon Musk sold some of his Tesla stocks, valued at around $ 4 billion. Many market analysts predict that Musk may be planning to buy dogecoin and Ethereum crypto.
A leaked document hints that Musk was working on trailing a wallet that can support deposits and withdrawals of cryptocurrencies.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2022/11/10/twitter-filed-an-application-to-function-as-money-service-business/