Elon Musk Says He’ll Quit As Twitter CEO – Good News For Dogecoin?

When speculations about Elon Musk started spreading on the virtual stratosphere about buying Twitter, many thought – why not? The guy has the wherewithal to do whatever he wants, and that includes buying… whatever he wants.

After some legal wranglings (well, the Tesla CEO at one point decided he’d just turn his back and walk away from the buyout deal, but the top honchos at Twitter wouldn’t let that happen) and ramblings about what might happen to the social media giant once in the hands of the wealthiest person in the planet, $44 billion was released from the Musk coffers – including a piece of a kitchen sink – and Twitter went under his command.

And just like that. Well, things actually didn’t go according to plan at the outset. At least, compared to how the social media network lived its life pre-Musk, it would soon experience an identity crisis; management didn’t know which direction to take and what protocol to follow.

The next thing management saw: the masses getting unhappy with the new leadership and a big chunk of staff getting sacked for no valid reason. Everything was in disarray. And it would be a no-brainer to point the finger at somebody else when most everyone knows who’s the culprit for the disorder.

Twitter CEO Elon Musk. Image: MSNBC.

Millions Of People Want Musk To Step Down

No beating around the bush: On Wednesday, Twitter owner Elon Musk addressed for the first time a poll he conducted this week in which millions of users voted for his expulsion, saying he would stand down as the company’s top boss, but only when he identified a new CEO.

A tweet from Musk read:

“I will resign as CEO as soon as I find someone foolish enough to take the job!

After stepping aside from the CEO role, Musk said he will just “run the software and servers teams.”

Some 58 percent of respondents, or more than 10 million people, voted that he should resign.

The survey was conducted after Twitter’s move to block (and later unban) links to other social media platforms including Facebook, Instagram, and Mastodon drew widespread criticism and anger from many who follow his coverage.

Elon Musk Quitting: Bane Or Boon To Dogecoin?

Meanwhile, Tuesday’s trading activity in Dogecoin suggests that the news isn’t sitting well with buyers of the meme currency. After Musk’s poll, Dogecoin’s value fell by almost 10%. By the time Musk had taken over Twitter on October 27th, DOGE was trading at $0.07.

On November 1st, DOGE was trading at $0.14, and according to CoinMarketCap, it has been on a drop-and-rise pattern ever since.

Elon Musk, as many would already know, calls himself “The Dogefather”, clearly in reference to actor Marlon Brando’s character in the 1972 crime/drama flick, “The Godfather.”

DOGE total market cap at $9.6 billion today | Chart: TradingView.com

Foolish Enough? Go Replace Elon Musk As CEO

As of this writing, DOGE has dropped by close to 30% over the past 30 days, and future price projections for the crypto have not improved.

Now, leaving his position as Twitter CEO shouldn’t diminish Musk’s influence on the social media empire. Therefore, the Dogecoin fans shouldn’t feel dejected yet that their favorite cryptocurrency will be integrated into Twitter’s future payments program.

As to the meme coin’s price, it’s anyone’s guess at the moment if it will plunge or take Musk’s resignation, if that happens, as a source of an impetus to advance.

So, until then – and if anybody is interested in replacing Elon Musk as Twitter big boss – the person must be, first and foremost, foolish enough to survive the rigors of the job.

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