According to CEO Parag Agrawal, Tesla CEO Elon Musk has abandoned his decision to join the board of social media giant Twitter. Upon this news, a decrease was observed in the meme coin Dogecoin (DOGE), which is known to be one of Musk’s favorite cryptocurrencies. Here are the details…
Elon Musk gave up on joining Twitter’s board
On April 5, Agrawal said that Musk will join Twitter’s board and can make the company “stronger” in the long run. He claimed. As we reported on Kriptokoin.com, this opening came after Musk bought a 9.2 percent stake in the company. Former CEO of Twitter, Jack Dorsey, said he supported the move, claiming that he wanted the Tesla CEO on his company’s board of directors.
It’s clear why Musk suddenly gave up on becoming a board member not. However, Agrawal believes this decision was made with the best of intentions. Some think the decision is about the limit of ownership for board members. As previously reported, Musk recently offered to renew Twitter Blue, the social media platform’s premium subscription-based service. He also suggested paying with Dogecoin.
Dogecoin price drops slightly
Musk’s joining Twitter’s board of directors was seen as a bullish catalyst for DOGE, the biggest meme coin. Before revealing his massive take on the social media platform, Musk said it would be “very cool” to change the Twitter logo from a bird to a Doge meme. But now that Musk is no longer willing to join the board, he is likely to play a more passive role at the company, meaning Twitter is less likely to have the Dogecoin payment option.
Still, Musk remains Twitter’s largest shareholder. The decision to opt out of joining the board of directors seems to have affected DOGE’s price, just as it increased DOGE’s price because of buying shares on Twitter. As can be seen in the chart above, Dogecoin, which is in the eleventh place with its market capitalization, is experiencing a 1.5 percent decrease. The crypto currency, which sees the levels of $ 0.157 in 24 hours, is changing hands at the level of $ 0.146 at the time of writing.
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