The CEO of Tesla has recently become the largest shareholder of Twitter and was automatically given a seat on its Board of Directors.
An April 4th filing by the Securities and Exchange Commission (SEC) started floating around social media, unveiling that Elon Musk purchased 9.2% of Twitter’s shares back on March 14th. Consequently, the "Musk Effect" went into motion as the TWTR stock went up approximately 27%, and, obviously, Dogecoin saw an uprise of about 10% on the same day.
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Is a new platform needed?— Elon Musk (@elonmusk) March 26, 2022
When the news went public, Tesla’s CEO hinted at Dogecoin payments for the Twitter Blue subscription and started pitching more ideas on how to make Twitter a better platform.
Maybe even an option to pay in Doge?— Elon Musk (@elonmusk) April 10, 2022
With that being said, Musk’s insight might have been short-lived as Parag Agrawal, who is the CEO of Twitter, announced that the CEO of Tesla won’t be joining him on the Board of Directors. While the reason behind the decision was not disclosed, Agrawal shared only that Musk thought it was better for him not to be a part of the team.
Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here. pic.twitter.com/lfrXACavvk— Parag Agrawal (@paraga) April 11, 2022
Likewise, Binance’s Changpeng Zhao had a fun response to Musk’s decision. He tweeted: "Why join a board where you have to sit through long meetings when you can just tweet?"