Elon Musk, known for his controversial statements on Twitter, recently sent a memo to his workers at 2:30 AM, stating that “the office is not optional.” He also expressed concern about Twitter’s declining stock value, which has lost more than half of its value since Musk’s takeover. Additionally, he reacted to the news that Twitter had become the top downloaded media app by simply stating that “Twitter is the news.”
The acquisition of Twitter by Musk has raised concerns about possible bankruptcy, as Musk counts stock value by stock grants, which means that employees are incentivized to buy terminated company shares. Musk has a plan to achieve a valuation of over $250 billion, which he believes will be a clear but challenging path.
Twitter’s budget problems are primarily due to advertisers distancing themselves from the platform. According to Musk, all press emails on the official Twitter account now return the poop emoji. Additionally, heavyweight investor firm Fidelity has cut its stake in Twitter by half.
Despite these setbacks, Twitter became the most downloaded news app worldwide, a significant achievement for the largest micro-blogging platform. Twitter has plans to integrate blockchain technology in the future, and Dogecoin (DOGE) could play a crucial role in Twitter 2.0.
The hostile takeover of Twitter by Musk occurred in late October 2022 and was followed by Dogecoin’s greatest run after the Terra (LUNA) collapse. The top dog coin reached its pinnacle at $0.142 on November 2nd, 2022, at 2 PM, but the $22bn market cap was cut in half in weeks. Currently, DOGE is trading at the same price range as November 22nd, 2022, which marked the end of the Musk-infused bull run. DOGE’s leading canine coin dropped 8.2% of its market value in the last 30 days, with a 2.2% downtrend in the last 24 hours.
In conclusion, Elon Musk’s acquisition of Twitter has caused concerns about possible bankruptcy due to declining stock values. However, despite these setbacks, Twitter has become the most downloaded news app worldwide and plans to integrate blockchain technology in the future. Dogecoin (DOGE) could play a crucial role in Twitter 2.0.
