Elon Musk will step down from his CEO place at Twitter, following via with the promise made weeks after taking the place. King memecoin Dogecoin (DOGE) is negatively reacting to the information, recording a ten% loss within the final week and a 4% loss throughout right this moment’s buying and selling session.

Who Will Substitute Elon Musk As Twitter CEO?

In accordance with a Tweet posted by way of his official deal with, Elon Musk will step down from his position within the subsequent 6 weeks. Nonetheless, the entrepreneur will stay within the firm in a special place:

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

In October 2022, Musk acquired the social media platform and have become CEO. The acquisition course of was lengthy and controversial, as many questioned Musk’s intention to purchase the corporate.

The entrepreneur said on a number of events that he aimed to defend “freedom of speech” on the platform and not directly worldwide. As such, Musk applied new insurance policies and adjustments to Twitter, implementing a subscription-based mannequin known as “Blue” and extra.

As with many issues related to Elon Musk, his time at Twitter sparked heated debates throughout a number of communities, crypto included. Virtually a month after taking up the social media, Musk said:

New Twitter coverage is freedom of speech, however not freedom of attain. Damaging/hate tweets can be max deboosted & demonetized, so no adverts or different income to Twitter. You received’t discover the tweet except you particularly search it out, which is not any totally different from remainder of Web.

Crypto Neighborhood Reacts: New Twitter CEO Will Favor DOGE?

Though Twitter is but to disclose particulars about its new CEO, it appears honest to imagine that she’s going to share a few of Musk’s views on freedom of speech and different matters. Nonetheless, the crypto group wonders if she’s going to share his view on Dogecoin.

The memecoin has been a Twitter darling beneath Musk’s time as CEO. Previously, the entrepreneur used the crypto and its pet, the Shiba Inu, to vary the Twitter brand and even joked about making it the brand new CEO of Twitter.

In flip, Dogecoin’s (DOGE) worth has been closely correlated with Musk’s feedback. Will the brand new Twitter CEO maintain the identical appreciation for crypto and DOGE? It stays to be seen however it’s a query that many within the crypto group are making.

As of this writing, DOGE’s worth trades at $0.070.

DOGE’s worth traits to the draw back and reacts negatively to Elon Musk’s Twitter announcement on the every day chart. Supply: DOGEUSDT Tradingview

Chart from Tradingview


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