When rumours of Elon Musk buying Twitter started circulating on social media, many thought, “Why not?” The guy has the means to do whatever he wants, including buying whatever he wants.
After some legal wranglings and ramblings about what might happen to the social media giant once in the hands of the world’s wealthiest person, $44 billion was released from Musk’s coffers and Twitter came under his command.
Evaluating Musk’s Stint as Twitter’s Chief Executive
Things didn’t go as planned at the outset, at the very least compared to how the social media network operated prior to Musk’s takeover. The company would soon face an unprecedented identity crisis, with the new management experimenting with new policies that betrayed an uncertainty about which direction to take or which protocol to follow.
Musk heralded his takeover with a degree of vindictiveness, instantly firing several employees and announcing the implementation of several unsettling policies. Interestingly, a sizable portion of Twitter’s user base made no attempt to conceal their growing dissatisfaction with the actions of Twitter’s new sheriff.
Many things were in disarray, including the “Twitter blue” verification issues, the reinstatement of previously banned accounts, and on the corporate end of things, the withdrawal of several prominent advertising clients due to concerns about “free speech and related issues.”
To his credit, Musk did take decisive action to remove spam bots amidst other nefarious elements that eroded the platform’s user experience. He also made valiant efforts to interact with users, attending AMAs, and responding to comments and questions via his personal Twitter account. We can safely say he tried, to an extent, to be an “undemocratic man of the people.”
Twitter Democracy: Millions of Users Vote in Favour of Musk’s Resignation
Elon Musk addressed the poll he ran this week in which millions of users voted for his removal for the first time on Wednesday. He confirmed that he would step down as CEO of the company only when a suitable replacement is found.
As shown in the tweet below, approximately 58% of respondents (more than 10 million people) voted for him to step down as Twitter CEO.
The Vote’s Impact on Dogecoin
Dogecoin trading activity on Tuesday suggests that the news hasn’t gone down well with memecoin fans. Dogecoin’s value dropped by nearly 10% following Musk’s poll. DOGE was trading at $0.07 when Musk took over Twitter on October 27th.
According to CoinMarketCap, DOGE was trading at $0.14 on November 1st and has been on a drop-and-rise pattern ever since. DOGE is currently trading at $0.07306.
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