Elon Musk will step down from his CEO position at Twitter, following through with the promise made weeks after taking the position. King memecoin Dogecoin (DOGE) is negatively reacting to the news, recording a 10% loss in the last week and a 4% loss during today’s trading session.
Who Will Replace Elon Musk As Twitter CEO?
According to a Tweet posted via his official handle, Elon Musk will step down from his role in the next 6 weeks. However, the entrepreneur will remain in the company in a different position:
Excited to announce that I’ve hired 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 2022, Musk acquired the social media platform and became CEO. The acquisition process was long and controversial, as many questioned Musk’s intention to buy the company.
The entrepreneur stated on several occasions that he aimed to defend “freedom of speech” on the platform and indirectly worldwide. As such, Musk implemented new policies and changes to Twitter, implementing a subscription-based model called “Blue” and more.
As with many things associated with Elon Musk, his time at Twitter sparked heated debates across multiple communities, crypto included. Almost a month after taking over the social media, Musk stated:
New Twitter policy is freedom of speech, but not freedom of reach. Negative/hate tweets will be max deboosted & demonetized, so no ads or other revenue to Twitter. You won’t find the tweet unless you specifically seek it out, which is no different from rest of Internet.
Crypto Community Reacts: New Twitter CEO Will Favor DOGE?
Although Twitter is yet to reveal details about its new CEO, it seems fair to assume that she will share some of Musk’s views on freedom of speech and other topics. However, the crypto community wonders if she will share his view on Dogecoin.
The memecoin has been a Twitter darling under Musk’s time as CEO. In the past, the entrepreneur used the crypto and its pet, the Shiba Inu, to change the Twitter logo and even joked about making it the new CEO of Twitter.
The new CEO of Twitter is amazing pic.twitter.com/yBqWFUDIQH
— Elon Musk (@elonmusk) February 15, 2023
In turn, Dogecoin’s (DOGE) price has been heavily correlated with Musk’s comments. Will the new Twitter CEO hold the same appreciation for crypto and DOGE? It remains to be seen but it is a question that many in the crypto community are making.
Excited to see what she will bring to the table. Will she have a large focus on crypto Twitter?
— Kraken Exchange (@krakenfx) May 11, 2023
As of this writing, DOGE’s price trades at $0.070.
Chart from Tradingview