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Breaking: Blow to Dogecoin (DOGE) as Musk Says He Will Step Down as Twitter CEO

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Thu, 11/05/2023 - 20:07
Breaking: Blow to Dogecoin (DOGE) as Musk Says He Will Step Down as Twitter CEO
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Elon Musk, the CEO of Twitter and prominent advocate for the meme cryptocurrency Dogecoin, announced on Thursday that he has found a new chief executive for the struggling social media platform.

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Musk revealed that the new CEO, whose identity is yet to be disclosed, will assume his or her role in approximately six weeks.

As part of this transition, the controversial entrepreneur himself will take on the positions of executive chair and chief technology officer at Twitter.

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This move comes as no surprise since Musk had previously expressed his intention to reduce his involvement in the social media company and find a suitable replacement to lead the company.

Musk took over as CEO of the social media giant in October 2022 after his acquisition of Twitter for a whopping $44 billion.

Upon the announcement, the price of Dogecoin experienced a temporary dip, initially dropping 1.57%. However, the meme coin has since managed to recover some of the losses, although it remains down 3.79% for the day. It is currently trading at $0.070296 on the Binance exchange.

On the other hand, Tesla's stock price responded positively to the news, recording an increase of 2.22% and trading at $172.29.

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