• Elon Musk to transition to the product and technical position at Twitter as a new CEO is set to take over.
• Investors react negatively to Dogecoin as the hope of becoming a currency of the platform fades away. 

Dogecoin enthusiast and Twitter CEO Elon Musk announces that he is stepping down from his role at the social media giant and taking on the positions of Executive Chair and Chief Technology Officer.

Excited to announce that I’ve a new CEO for X/Twitter. She will be starting in ~6 weeks! My role will transition to being exec chair & CTO, overseeing product, software & sysops.

In October last year, Elon Musk took over Twitter in an acquisition that involved $44 billion and immediately sacked the existing top executives and dismissed hundreds of employees. Since he took over, several companies have stopped their paid promotional campaign with multiple advocacy groups noting an increase in offensive speech and hateful rhetoric.

This has largely affected Twitter’s core advertising business. To make up for this, Twitter Blue was relaunched and enabled users to compose longer tweets. In April, the blue checkmarks were limited to only paid users. In addition, previously banned users have been allowed back onto the platform, This, coupled with some technical errors and outages has affected the financial health of the company. 

Musk’s decision has also been linked to several criticisms by some Tesla investors who believe that he has been heavily distracted by running Twitter, and must redirect his focus to the management of the electric car company. 

Tesla Shareholders’ Concerns and what this means to Dogecoin

A letter written to the Tesla board by a group of progressive Tesla shareholders says:

We each initially added Tesla to our portfolios because we saw Tesla as a true leader in producing products and services essential for our transition to a sustainable and green economy. Over time, however, we have grown increasingly concerned with governance and leadership issues at the company…Tesla needs a board that will ensure that the CEO is focused on addressing its challenges. Due to the board’s failure to restrict the CEO’s outside commitments and ensure he is focused on solving the many challenges the company faces, we have lost confidence in its members.

Musk’s decision to step down as Twitter CEO raises questions about the possibility of Dogecoin becoming the currency of the platform. The SpaceX CEO is a huge follower of Dogecoin and has been promoting it on his social media channels. It can be recalled that Elon Musk removed Twitter’s iconic bird logo and replaced it with Dogecoin as the face of the social media giant. Immediately after the logo change, Dogecoin surged by 25 percent. 

Multiple reports disclose that Twitter registered as a payment business in November 2022 and is currently working on features to allow users to make payments in fiat to receive virtual coins that can be redeemed as an award for content. Despite Dogecoin not being mentioned as the Twitter coin, investors are still hopeful that this could happen. 

Dogecoin has fallen by 3.5 percent in the last 24 hours after the step-down news emerged, sending its weekly fall to 11 percent. Interestingly, the asset currently has a bearish market sentiment which could get worse with time. Dogecoin was trading at $0.069656 as of press time. 

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