Elon Musk, the owner of Twitter and a strong supporter of Dogecoin, the original meme coin, is stepping down as CEO of the social media platform to focus on product development. He will act as Twitter’s chief technology officer (CTO).
Elon Musk steps down as CEO of Twitter
In a Tweet dated May 11, the technology billionaire said that Twitter has since hired a CEO who will take over in six weeks.
Happy to announce that I hired a new CEO for X/Twitter. She will start in ~6 weeks!
My role will transition to exec chair & CTO, overseeing products, software and sysops.
— Elon Musk (@elonmusk) May 11, 2023
Meanwhile, DOGE, like the rest of the crypto market, is down 32% from its peak in April 2023 and is likely to fall further after this announcement.
Musk is a staunch supporter of cryptocurrencies and has specifically expressed his admiration for DOGE, the meme token. In numerous instances, DOGE prices have risen following comments made by Musk, mostly on Twitter.
Like most meme coins, some argue that DOGE has no fundamental value, with adherents happily moving along with the coin’s bullish and bearish cycles. During the last bull cycle, DOGE surged above $0.70, peaking when Elon Musk appeared on the Saturday Night Live (SNL) show and said he was the “Doge master.”
In the past few months, DOGE has crashed by more than 85% to $0.05 in Q4 2022. However, that didn’t stop Elon Musk from tweeting about the project.
In April, DOGE prices skyrocketed when Twitter, the company Musk currently runs, temporarily changed its logo to the Shiba Inu dog associated with the meme project.
In response, DOGE spiked and added a whopping $4 billion, going from about $0.07 to $0.10. Musk said he fulfilled his promise by temporarily replacing the blue bird logo that represents 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 US court to do so reject the $258 billion racketeering lawsuit. In the caseMusk is accused of plotting to support DOGE.
An excerpt from the lawsuit reads:
Defendants knew since 2019 that Dogecoin had no value, but promoted Dogecoin to profit from its trading. Musk used his pedestal as the world’s richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, fame, and entertainment.
How DOGE reacts in the coming days remains to be seen, with Elon Musk stepping down as CEO of Twitter.
Feature image from Canva, chart from TradingView
