Elon Musk, the owner of Twitter and a strong supporter of the original meme coin Dogecoin, will resign as the CEO of social media platforms and focus on product development. He will serve as Twitter's Chief Technology Officer (CTO)
Elon Musk, the owner of Twitter and a strong supporter of the original meme coin Dogecoin, will resign as the CEO of social media platforms and focus on product development. He will serve as Twitter's Chief Technology Officer (CTO).
Elon Musk Resigns as Twitter CEO
In a tweet in late May 11th, the technology billionaire stated that Twitter has hired a CEO who will take over within six weeks.
Meanwhile, DOGE, like other parts of the cryptocurrency market, has fallen by 32% from its peak in April 2023 and may further decline after the announcement.
Musk is a passionate supporter of cryptocurrencies and particularly expressed his admiration for the emoticon token DOGE. In many cases, the price of DOGE increases after Musk posts comments, which are mainly posted on Twitter.
Like most memes, some people believe that DOGE has no fundamental value, and supporters are keen to ride the bull and bear cycles of the currency. In the previous bull market cycle, DOGE rose above $0.70, reaching its peak when ElonMusk appeared on the Saturday Night Live (SNL) program calling him the "Governor General".
In the past few months, DOGE has plummeted by over 85%, reaching $0.05 in the fourth quarter of 2022. However, this did not prevent ElonMusk from posting tweets about the project.
In April, when Musk's current company Twitter temporarily changed its logo to Chaigou related to the meme project, the price of DOGE skyrocketed.
In response, DOGE soared, increasing by $4 billion, from around $0.07 to $0.10. Musk stated that he has fulfilled his promise and temporarily replaced the Blue Bird logo representing Twitter with a firewood dog.
Accused for supporting dog coins
Last month, the billionaire requested that the US courtrejectThis $258 billion extortion lawsuit. In this caseMusk is accused of running a program that supports DOGE.
The excerpt from the lawsuit is as follows:
The defendant has known since 2019 that Dogcoin has no value, but still encourages Dogcoin to profit from its transactions. Musk used his position as the world's richest man to operate and manipulate the Dog Coin Pyramid program, seeking profit, exposure, and entertainment.
With Elon Musk resigning as Twitter's CEO, it remains to be seen how DOE will react in the coming days.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
