A few days back, Elon Musk revealed that he owns 9.2% of Twitter, making him the largest individual shareholder of the company. After this announcement, Parag Agarwal, the new CEO of Twitter, welcomed Elon Musk to the board of directors. Parag said that Elon is going to bring tremendous value to the board. And soon later, Dogecoin rallies began as investors became optimistic about Elon Musk getting involved with Twitter as a board member and bringing positive changes.
Dogecoin rallies as Elon is appointed to Twitter’s board of directors
Parag Agarwal, the CEO of Twitter has personally tweeted that he had conversations with Elon Musk in the past few weeks. He felt Elon would be a great value addition to the board. Elon replied to the tweet, saying that he is looking forward to working with Parag and making improvements to Twitter. Dogecoin was up 16% following the news and made a high of $0.1794. However, due to the Bitcoin pullback, Dogecoin also corrected and is now trading at $0.1616.
The reason for this rally with Elon becoming a part of Twitter is simple. He has been a big Dogecoin guy and has even enabled Doge payments for Tesla merchandise. So, investors are speculating that he might bring Dogecoin integrations with Twitter. It could be for advertisers on the platform who might get the option to pay ith Dogecoin. So, this rally is based on just speculations and no solid foundation. Even the chief strategist at Path Trading Partners, Bob Laccino, said that he doubts the same will happen.
In fact, Elon being a part of the board of directors might mean he has to be cautious with what he Tweets. There could be regulatory actions if he is suspected of using the platform for pumping the value of crypto or other assets.
Elon has agreed not to buy too much of Twitter
To become a part of the board of directors, Elon Musk has agreed to keep his shareholding up to 14.9%. This will mean he doesn’t have total control over the social media platform. However, I am pretty sure Elon doesn’t need too many holdings to get himself heard or make Twitter agree to the changes he suggests.
What are your thoughts as Dogecoin rallies with Elon Musk becoming involved with Twitter as a board member? And do you think that the rally will fall apart because it’s all speculation? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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