- Elon decides he is stepping down as Twitter CEO following users polling to have him leave the position.
- The move could have an impact on the price of Dogecoin (DOGE).
Twitter owner Elon Musk has reached a decision to step down as the chief executive of the social media company. The move could have a marked impact on the price of Dogecoin (DOGE).
The billionaire stated in a tweet that he will step down and only run the software and server teams of the platform. However, this will only be after he finds someone to take on the CEO role.
His decision came after Twitter users voted for him to step down as Twitter CEO. Exactly 57 percent of over 17 million participants in a poll Musk carried out to help him decide voted yes to have him step down as Twitter CEO.
I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams.
— Elon Musk (@elonmusk) December 21, 2022
The price of Dogecoin (DOGE) has reacted to Musk’s announcement, in a way. The memecoin, which is very responsive to Musk’s actions, has plunged 1.58 percent in the last 24 hours, changing hands at $0.073 at press time.
Before now, the DOGE community was rife with speculations that the cryptocurrency project would get integrated as the native crypto of Twitter. With Musk’s influence at the helm, the community anticipated that Twitter’s move to make payments a core part of its operations would involve DOGE. DOGE supporters also expected Twitter to accept DOGE payments for Twitter Blue subscriptions.
Musk’s latest decision may see these hopes shelved. But they may not be completely dispelled as Musk will still play a key role at Twitter as head of the software and servers teams.
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Musk’s reign at Twitter continues to be controversial.
Musk has owned Twitter for close to two months after completing its purchase in November. During that time, his impact on the platform has been massive and highly controversial.
He started his management by letting go of thousands of Twitter employees that could not meet his strict ultimatums. Musk has also introduced changes around content moderation and user verification that have been the talk of both his critics and supporters on the platform.
Musk introduced $8 payments for subscriptions to Twitter Blue. However, the product which gives subscribers a Blue verification check mark was suspended after it fuelled a spree of impersonation that caused real-world damages in some cases.
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Similarly controversial is his revisiting of the Hunter Biden “Twitter files” saga. Under Musk, Twitter has been releasing the files of the case which were suppressed back in 2020.