Elon Musk: Twitter Is Worth $24 Billion Less, DOGE Drops 2.2%

Musk’s 2:30 AM email rushed Twitter staff back to the headquarters as $24B of Twitter’s initial value quickly evaporated.

Elon Musk puzzled while holding a dead blue bird in his hands. DOGE mascot Shiba Inu dog is curiously watching the situation from above while standing on a cloud.
  • Elon Musk’s late-night memo to Twitter staff suggests a $24B deficit in valuation.
  • Twitter’s staff has been reduced from 7,500 to just 2,000 since Musk’s Takeover.
  • Dogecoin has maintained the fundamental support line of $0.07 since March 16th, 2023.

Elon ‘Chief Twit’ Musk sent a memo at 2:30 AM to his workers saying that “the office is not optional” and pointed out that Twitter’s 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, “Twitter is the news.”

Raising concerns about possible bankruptcy a couple of months after acquiring the company, it’s 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 “a clear, but difficult path to over $250 billion valuation.”

Press Emails Return Only One Answer

Twitter’s budget problems are mostly due to advertisers distancing themselves from the micro-blogging platform. According to Elon The Dogefather’ 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 Dogecoin’s (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

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

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.