I’m The Boss Now: Elon Musk Boots Twitter Board as Dogecoin Price Doubles

1 November 2022, 04:42 GMT+0000
Updated by Ali M.
3 November 2022, 13:58 GMT+0000
In Brief
  • Musk has axed the Twitter board of directors
  • Binance boss CZ says crypto needs a free speech outlet
  • Dogecoin doubles over the past week
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In the same week that Elon Musk took over Twitter and ousted its top executives, the billionaire has now booted the board of directors. Meanwhile, Dogecoin (DOGE) price has doubled.

In a securities filing on Oct. 31, Twitter stated that its nine members of the board of directors were no longer in that position. It was always Elon Musk intention to become the sole director of the micro-blogging platform, according to the document.

The board dissolution was disclosed in a broader securities filing, according to the WSJ. It also detailed other formalities as part of the deal closing. These included debt repayment under a revolving credit agreement.

Additionally, there was a notice to delist the Twitter stock (TWTR) to convert it into a “right to receive the merger consideration of $54.20 a share.”

Last week, Elon Musk fired CEO Parag Agrawal, CFO Ned Segal, and head of legal policy Vijaya Gadde in his first move at the helm.

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Binance CEO CZ Weighs in on Elon Musk Twitter Takeover

In an interview on CNBC’s Squawk Box on Oct. 31, Binance CEO Changpeng Zhao (CZ) backed his decision to support the Elon Musk Twitter takeover. The company has invested $500 million in the social media platform.

He said that Twitter was a “free speech platform” and one that he uses heavily, adding that:

“We want to make sure that crypto has a seat at the table when it comes to free speech.”

Changpeng Zhao added that he wants to help bring Twitter to Web3 and assist with other issues. These included charging for memberships, which payments in cryptocurrency can facilitate, said CZ.

Binance CEO said that they were in it for the long term. So market fluctuations in company values or crypto prices are not a concern, he added.

“I believe Twitter has not been monetized well,” CZ said, citing tactical problems such as the bots and spammers which flood the platform. The overall sentiment was that with Elon Musk in charge, things could finally start moving forward for Twitter.

There have also been a lot of political implications over the takeover. American author Matt Walsh told his 1.1 million followers that the government has been using social media to censor free speech.  

Dogecoin Price Prediction: DOGE Doubles   

A crypto-centric social media platform will benefit from a leader that believes in the industry, as Elon Musk clearly does. However, the only beneficiary in terms of coins at the moment is Dogecoin (DOGE) price.

Dogecoin price has doubled in price over the past week. DOGE has surged from $0.060 this time last week to $0.126 today, according to CoinGecko.

Dogecoin DOGE price
Source: TradingView

Speculators are hoping that Elon Musk will integrate DOGE as a payment method for Twitter. However, it is possible that the platform will launch its own Tweet Coin or something similar.

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Disclaimer

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.