Search post, tags and authors
Elon Musk To Quit As Twitter CEO – Will It Affect Dogecoin?

Elon Musk To Quit As Twitter CEO – Will It Affect Dogecoin?

By Oreld Hadilberg
Reviewed by Tony Spilotro

Table of Contents

Elon Musk is considering stepping down as the CEO of Twitter. Earlier this year, Musk and Twitter’s team were involved in a back-and-forth exchange concerning his takeover bid.

According to reports, Musk parted with 19.5 million of his Tesla shares worth $3.95 billion to finance the purchase. However, the ripple effect has been largely negative. Musk reshuffled the Twitter team, with most staff released without valid explanations.

Many Twitter users voiced their displeasure at the turn of events. With the backlash from former employees and Twitter users, Musk conducted a poll to decide his next step

Musk Opinion Poll Result Shocked Everyone

On December 19, Elon Musk conducted an opinion poll on Twitter asking if he should step down as the head. It ended with a 57.5% vote in favor of his resignation as Twitter’s chief, translating to over 10 million users. The survey was conducted after Twitter considered blocking links to other social media platforms like Facebook and Instagram. Unfortunately, the move sparked outrage and criticism from followers.

Besides this call for his stepping down, Elon Musk has also lost his position as the wealthiest person alive. His net worth fell by $107 billion this year. According to reports, Musk sold close to $20 billion worth of his stock in Tesla to fund the Twitter takeover. Musk's net worth stands at $ 164 billion.

Dogecoin Takes A Beating

The news of Musk's possible resignation is taking a toll on Dogecoin as the value dropped by almost 10%. The price of Dogecoin has fluctuated since the Twitter takeover and has lost around 30% in just a month.

Dogecoin| US dollar daily chart showing resistance and support levels.

Dogecoin has dipped in the past days following negative news and rumors surrounding Musk and the crypto market at large.

The support levels of 0.055 and 0.714 have held. Doge needs to gather more price momentum to break the resistance levels of 0.0917 and 0.1118.

The candlestick pattern on the chart is currently bearish and in a downtrend. Also, Dogecoin is trading below its 50-day simple moving average (SMA), with bearish sentiment in the short term.

It is also trading around its 200-day SMA, indicating the price might likely continue its downtrend in the coming weeks.

The RSI reading is in the oversold region at 36.22, suggesting that more investors are taking short positions for their doge assets.

Elon Musk, who famously dubbed himself "The Dogefather," has had a supreme influence on the coin since its creation. He had promised to integrate Dogecoin as a payment tool on the Twitter platform. So even though he might step down, the plans may continue.  

Who Will Take The Mantle?

After the opinion poll conducted on Twitter, Elon Musk followed up with a tweet. According to Musk, he will resign as the CEO of Twitter only if he finds someone foolish enough to take the job. He also stated that if he resigned as CEO, he would focus on the software and server teams.

Elon Musk has made some changes on Twitter, such as changing pricing plans for verified accounts. So, the news of his intended resignation has sparked mixed reactions on the internet from various verified account holders on Twitter.

Note: The predictions in this article are the author's personal opinions and are not the official Margex view. They are informative and not financial or investment advice.

Readers must do proper research before investing. Also, only invest what you can afford to lose. If still in doubt, speak to a financial expert.