2 years ago
Elon Musk, the proprietor of Twitter and a large protagonist of Dogecoin, the archetypal meme coin, is stepping down arsenic the CEO of the societal media level to absorption connected merchandise development. He volition enactment arsenic the main exertion serviceman (CTO) of Twitter.
Elon Musk Stepping Down As Twitter CEO
In a Tweet connected precocious May 11, the exertion billionaire said Twitter has since hired a CEO whom she volition instrumentality implicit successful six weeks.
Excited to denote that I’ve hired a caller CEO for X/Twitter. She volition beryllium starting successful ~6 weeks!
My relation volition modulation to being exec seat & CTO, overseeing product, bundle & sysops.
— Elon Musk (@elonmusk) May 11, 2023
Meanwhile, DOGE, similar the remainder of the crypto market, is down 32% from its April 2023 highest and apt to descent adjacent little pursuing this announcement.
Musk is an ardent protagonist of cryptocurrencies and has specifically expressed his admiration for DOGE, the meme token. In galore instances, DOGE prices person rallied pursuing comments from Musk, mostly posted connected Twitter.
Like astir meme coins, immoderate reason that DOGE has nary cardinal value, with supporters keen connected riding the coin’s bullish and bearish cycles. During the past bull cycle, DOGE rallied to implicit $0.70, peaking erstwhile Elon Musk appeared connected Saturday Night Live (SNL) amusement saying helium was the “Doge master.”
Over the past fewer months, DOGE has crashed by implicit 85%, slumping to $0.05 successful Q4 2022. However, this didn’t forestall Elon Musk from tweeting astir the project.
In April, DOGE prices rocketed erstwhile Twitter, the institution Musk presently leads, temporarily changed its logo to the Shiba Inu canine associated with the meme project.
In response, DOGE spiked, adding arsenic overmuch arsenic $4 billion, surging from astir $0.07 to $0.10. Musk said helium delivered connected his committedness by temporarily replacing the bluish vertebrate logo representing Twitter with Shiba Inu.
As promised pic.twitter.com/Jc1TnAqxAV
— Elon Musk (@elonmusk) April 3, 2023
Sued For Supporting Dogecoin
Last month, the billionaire asked a United States tribunal to dismiss the $258 cardinal racketeering lawsuit. In the case, Musk is accused of moving a strategy to enactment DOGE.
An extract from the suit reads:
Defendants were alert since 2019 that Dogecoin had nary worth yet promoted Dogecoin to nett from its trading. Musk utilized his pedestal arsenic World’s richest antheral to run and manipulate the Dogecoin Pyramid Scheme for profit, exposure, and amusement.
How DOGE reacts successful the days up is yet to beryllium seen, with Elon Musk stepping down arsenic the CEO of Twitter.
Feature Image From Canva, Chart From TradingView
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