Elon Musk Orders Twitter Staff to Halt Crypto Wallet as Big Layoffs Near

Elon Musk Orders Twitter Staff To Halt Crypto Wallet As The Big Layoff Nears

Freaky Friday for Twitter’s current employees continues, as the fresh Chief Twit, Elon Musk, purges the San-Francisco-based social media company’s staff. According to reports from the staff, employees have been cut off from their online workspaces, including Slack and company email.

As of the time of this writing, 3,700 workers had already been fired, but the body count is expected to go up on Saturday, according to employees who received a precautionary email earlier today.

On top of that, a few other projects have been put on hold, including the Twitter Crypto Wallet. As the wallet was supposed to implement Dogecoin (DOGE), among other popular cryptocurrencies, into the micro blogging ecosystem, the canine meme currency took the biggest hit today, dropping by as much as 10% following the news.

Furthermore, the massive layoffs will be in full swing at 9 AM Pacific time. On Saturday morning, Twitter’s HR will dish out emails to workers notifying them about whether or not they still have a job. If a person gets the email in their personal account, it means they are no longer on the team, while the ones that survive “the Twitter Purge” will get back their access to the workspace as well as a congratulations email.

It’s a Roller Coaster for Dogecoin (DOGE)

The popular meme currency, Dogecoin (DOGE), has greatly benefited from Musk’s Twitter acquisition, having doubled in price in just two days. However, as the brutal layoff news surfaced, DOGE plummeted double digits, only to recover a couple of hours later.

At press time, the 8th-ranked crypto is priced at $0.123083, according to CoinGecko. This means it’s 5.7% in the red for the last 24 hours, even though the total market cap of DOGE is still twice as much as it was before Twitter “let that sink in.” At the time of publication, the meme currency’s market cap stands at $16,838,182,136.

Currently, one of the biggest challenges for Twitter staff is to write up the new code for Twitter Blue, the verification service that’s supposed to launch as soon as Monday. The deadline for the new program is Saturday, the same day massive layoffs are expected to take place.

On the Flipside

  • The changes did not sit well with Californian attorneys, who claim that mass layoffs require prior notification. Indeed, the law requires a 60-day notice prior to such action being taken. Plus, Twitter’s staff had been told to go home early on Friday afternoon, with keycards to buildings disabled until further notice.

Why You Should Care

The first-of-its-kind social media crypto wallet was supposed to significantly accelerate crypto adoption around the globe.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Author

Tadas Klimasevskis is an author & reporter, focusing on the latest tendencies of the crypto galaxy. Tadas spends his time digging deeper into specific areas like coins such as Shiba Inu (SHIB) & Dogecoin (DOGE), music NFTs, sports NFTs, digital art, and Pop culture in Web 3.0. Tadas strongly believes in crypto as disruptive innovation and keeps an eye out for new crypto hubs being developed around the globe. His vast experience in social media lets him quickly spot what’s going on in the mercurial world of crypto and deliver stories with unique spins. He has been active in blockchain and cryptocurrencies since 2019.