Elon Musk, the billionaire tech mogul and promoter of meme-based cryptocurrency Dogecoin, declared recently that he will step down as the CEO of Twitter. This decision comes shortly after Musk expressed his intention to retreat his position as the head of the popular social media site. After thorough selection process, a new leader has been chosen to take charge and this process is expected to be concluded within 6 weeks time. Consequently, Musk will remain with Twitter and will act as executive chair and chief technology officer.

The news had a direct influence over markets and the value of Dogecoin took a hit as soon as it was announced, dropping 1.57% in value. Despite this blow, the cryptocurrency managed to make a relatively quick recovery, with its current trading value being 0.070296 USD and a 3.79% dip from its initial rate. On the other hand, Tesla's stocks ended up gaining 2.22% after the news and reached 172.29 USD in price.

The epoch of Musk at the enterprise will be remembered fondly as during his short term on the post, the entrepreneur managed to purchase Twitter for the whopping 44 billion USD at the time. While Musk never revealed the identity of the replacement CEO, it will remain interesting to see what changes the upcoming leader is going to bring to the company, leaving the exciting possibility of potential collaborations with Dogecoin and other cryptocurrencies.



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