According to CNBC reporter David Faber, Elon Musk is currently searching for a new CEO of Twitter following the results of a poll he ran on the micro-blogging site.
Over 17.5 million users voted in this poll, which showed that 57.5% favored Musk stepping down as chief executive officer.
As reported by U.Today, the price of Dogecoin dropped lower after Musk posted the poll.After losing the poll, Musk suggested that only paid Twitter Blue subscribers should be allowed to participate in policy-related polls in order to ensure accurate voting.
Since taking over Twitter, Musk has drawn criticism over controversial decisions such as banning an account that tracked his private jet and suspending multiple journalists who reported on it. The Tesla CEO also faced a severe backlash for amplifying a baseless far-right conspiracy theory about the husband of House Speaker Nancy Pelosi while urging his voters to vote for the Republican Party.
Additionally, he had previously banned links to other social networks like Mastodon before backtracking on the policy that faced enormous criticism from Twitter users.
The price of Dogecoin experienced a short-lived rally in October following Musk's Twitter takeover, but it quickly waned.
Earlier this month, the billionaire reaffirmed his support for the popular meme cryptocurrency during a conversation on Twitter Spaces, while adding that Twitter wanted to make it easier to transact with Dogecoin.
The Dogecoin price is down 3% over the last 24 hours.