Dogecoin protests as Elon Musk becomes 9.2% Shareholder of Twitter.
Elon Musk just revealed that he owns 9.2 percent of Twitter, making him the company’s largest individual stakeholder. Following this announcement, Twitter’s new CEO, Parag Agarwal, welcomed Elon Musk to the board of directors.
Elon, according to Parag, will be a massive asset to the board. Soon after, Dogecoin rallies began as investors got excited about Elon Musk joining the Twitter board of directors and bringing favorable improvements to the company.
Twitter’s CEO, Parag Agarwal, has directly posted that he had spoken with Elon Musk in recent weeks. Elon, he thought, would be a fantastic addition to the board.
Elon responded to the tweet by expressing that he is excited to collaborate with Parag and improve Twitter. Following the news, Dogecoin surged 16 percent to a high of $0.1794.
Dogecoin, however, has corrected as a result of the Bitcoin drop and is presently trading at $0.1616.
The reason for this uproar is simple: Elon Musk has joined Twitter. He’s a major Dogecoin supporter, and he’s even accepted Doge for Tesla stuff.
As a result, investors are betting that he may integrate Dogecoin with Twitter. In addition, it might be for platform marketers who will have the option to pay in Dogecoin.
As a result, this rally is based solely on speculation and lacks a solid foundation. Even Bob Laccino, the head strategist at Path Trading Partners, is skeptical that the same will happen.
Indeed, Elon’s position on the board of directors may require him to exercise caution when it comes to what he Tweets.
For example, if someone is suspected of utilizing the platform to inflate the value of crypto or other assets artificially, he may face regulatory action.
Elon Musk committed to keeping his stake up to 14.9 percent to join the board of directors. As a result, he will not have complete control over the social media platform.
However, I am confident that Elon does not require many holdings to be heard or for Twitter to agree to the adjustments he proposes.