Treasury Department Takes Action for DOGE Alan Elon Musk!

While the Twitter purchase of DOGE fan Elon Musk hasn’t fallen off the headlines now, a targeted attack is coming from the US Treasury Department. The U.S. Treasury Department on Wednesday began investigating whether it had the authority to investigate Elon Musk’s $44 billion Twitter purchase. Here are the details…

Treasury Department examines Musk’s Twitter purchase

The move comes after Senator Chris Murphy of the US Treasury Department’s Foreign Affairs Committee sent a letter to the US Foreign Investment Committee (CFIUS) on Monday requesting a review of the treaty. It believes that the involvement of non-US entities, including investors in Saudi Arabia and Qatar, poses a risk to national security.

Elon Musk set up holdings to finance the Twitter acquisition. Saudi Prince Alwaleed bin Talal and Kingdom Holding Company became Twitter’s second largest shareholder, providing a total of $1.9 billion for the settlement. Qatar’s dominant wealth fund, the Qatar Investment Authority, is also the largest investor.

What does this development indicate?

Headed by Treasury Secretary Janet Yellen, CFIUS has the power to curb foreign ownership in leading US companies. Senator Chris Murphy believes the rules could give non-foreign organizations access to confidential information, the Washington Post reported on November 2. However, it is not clear whether the Treasury’s CFIUS officials are aware of the rules for large foreign investors. In addition, such review requests are primarily accepted as ordinary. It is stated that more than one time did not result in a full review.

Experts also pointed out that Elon Musk’s purchase of Twitter is unlikely to be affected by a review of its national security implications. In the middle, Elon Musk fired a number of executives, including CEO Parag Agrawal, and took control of Twitter as an impermanent CEO. Additionally, Musk has decided to offer the Twitter Blue subscription to US customers for $8 per month. However, the price will be adjusted according to the purchasing power in other countries.

DOGE is coming to Twitter

Elon Musk, known as a Dogecoin fan, had previously hinted at Dogecoin (DOGE) reinforcement on Twitter. However, Binance CEO “CZ”, who has invested $500 million in the Twitter consensus, believes Twitter should support multiple cryptocurrencies, not just DOGE and BNB. Dogecoin price is currently changing hands at $0.133, down 14.72 percent. The cryptocurrency declined to these levels from $0.1572 on a daily basis.

While this has been the kind of price action in the last 24 hours, the biggest bust coin has jumped over 120% in the past seven days. Koindeks.comAs we have also reported, it rose to levels not seen since April.

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