- Elon Muskโs late-night memo to Twitter staff suggests a $24B deficit in valuation.
- Twitterโs staff has been reduced from 7,500 to just 2,000 since Muskโs Takeover.
- Dogecoin has maintained the fundamental support line of $0.07 since March 16th, 2023.
Elon โChief Twitโ Musk sent a memo at 2:30 AM to his workers saying that โthe office is not optionalโ and pointed out that Twitterโs stock value has lost more than half of its value since his Twitter Takeover. Furthermore, the famed billionaire reacted to the news about Twitter becoming the top downloaded media app simply by saying, โTwitter is the news.โ
Raising concerns about possible bankruptcy a couple of months after acquiring the company, itโs important to note that the Chief Twit counts stock value by stock grants, which means the employees are incentivized to buy terminated company shares. With this plan, Musk envisions โa clear, but difficult path to over $250 billion valuation.โ
Press Emails Return Only One Answer
Twitterโs budget problems are mostly due to advertisers distancing themselves from the micro-blogging platform. According to Elon โThe Dogefatherโ Musk, all press emails on the official Twitter account now return the poop emoji. On top of that, a heavyweight investor firm, Fidelity, cut its stake in Twitter by half.
The hostile takeover of Twitter that occurred in late October 2022 has been succeeded by Dogecoinโs (DOGE) greatest run after the Terra (LUNA) collapse. Reaching its pinnacle, the top dog coin skyrocketed to $0.142 on November 2nd, 2022, at 2 PM. However, the $22bn market cap was cut in half in weeks.
Currently, DOGE is trading at the same price range as November 22nd, 2022, which marked the end of the Musk-infused bull run. At press time, DOGE is priced at $0.074308, according to CoinGecko. With a 2.2% downtrend in the last 24 hours, the leading canine coin dropped 8.2% of its market value in the last 30 days.
On The Flipside
- Despite the heavy financial setbacks, Twitter became the most downloaded news app worldwide.
Why You Should Care
Twitter, the largest micro-blogging platform, has plans to integrate blockchain technology in the future, while Dogecoin (DOGE) could play a crucial role in Twitter 2.0.
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