Twitter has always been a haven for breaking news. It was a simple platform with a clear social hierarchy, which included a thorough verification process. However, Elon Musk boasted that he’d simply buy the company if he couldn’t have his way – so they allowed it. In the short space of time since the Musk takeover, he’s made a series of controversial changes and has asked his followers whether or not he should step down – the results said yes. Through this article, we discuss Elon Musk’s Twitter blunders and the implications they will have on Dogecoin.
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Job Cuts and Executive Eliminations
Elon Musk came in hot by firing around half of the 7,500-strong team, which was reportedly an effort to put Twitter on a “healthy path”. Although this looks radical, it has to be noted that Twitter’s debt interest for 2023 will be around $1 billion – it’s got to come from somewhere.
Musk, being the egotistical man he is, dissolved the board of directors and Bret Taylor (former chair). In its current state, Musk is the solitary director, which puts him in a position of complete power – allowing him to remove features as and when he likes.
Verification Changes
If you’ve used Twitter, you’ll be familiar with the blue tick, which is a seal of approval given to reputable members of the community. Originally, gaining a blue tick meant fulfilling a long list of criteria and being chosen by Twitter. However, Musk overhauled the system and allowed people to buy a blue tick for $8 per month – rendering the scheme useless while grabbing additional cash.
Where Does DOGE Come In?
Dogecoin, which is now responsible for filling Tamadoge players’ Nft wallet with proof of ownership for adorable digital pets, was originally set up as a meme coin. Naturally, Musk backed the coin heavily and is largely responsible for its value increase, making him one of the most high-profile influencers for the coin. Given his affinity to DOGE, there’s no surprise he proposed plans to integrate the crypto into the platform, which saw its market value rise – so what went wrong?
The Exit Poll and DOGE
Amidst the backlash from the Twitter community, Musk put out a poll on Sunday 18th December asking Twitter if he should step down as CEO. Not surprisingly, the majority of people voted “yes”. According to reports, Musk will honor this as soon as he’s found a successor. However, he will still have involvement in Twitter in a different capacity.
Unfortunately, as DOGE is intrinsically linked to Musk’s actions, the coin’s value declined by around 11% in the wake of the exit poll. If Musk’s controversial moves continue at Twitter, there’s a good chance it will drop even further.
The crypto landscape is directly tied to its largest investors and the community. When you have a small coin like DOGE backed by the likes of Elon Musk, crushing platform integration dreams, there’s no surprise the value took an enormous hit as investors pulled out.
