Musk acquired Twitter in November and dogecoin showed a price pump throughout November (TWTR) on 27 October, rising to $0.14 (£0.12) from $0.07 less than one week after the purchase, according to data from CoinGecko.
The May 2021 peak at $0.73 amid is still far away. Musk’s appearance on Saturday Night Live.
Musk’s leadership in Twitter has been questioned and sparked controversy. This included the reinstatement of Donald Trump’s Twitter account.
Dogecoin, which acts like a proxy for Tesla bosses, has lost 20% of its value over the past week and is now $0.072, roughly the same price as it was before Musk bought the social media platform.
Shiba Inu is a fellow memecoin (SHIB-USD) fared better, up by 0.68% to $0.00000831 on Wednesday.
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Musk published a poll on Twitter asking his followers whether they wanted him to remain the CEO or step down.
After more than 17.5million people participating, 57.5% voted for his exit.
Musk tweeted that he would resign as CEO if he found someone who is foolish enough to take over the job. After that, the software- and server teams will be my responsibility.”
Tesla shares plunged 8% Tuesday and hit a new 52-week low at $137
Critics have pointed to Musk’s acquisition of Twitter as a distraction, highlighting that he sold $8.5bn of the electric carmaker’s stock in the three days after the Twitter board agreed to sell the company to him.
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But Musk said the sinking price is partly due to macroeconomic factors, although Tesla stock has underperformed compared to other automakers on the S&P 500 (^GSPCSince April when he announced his Twitter deal.
Major blue chip cryptocurrency companies have experienced heavy losses this week.BTC-USD) down 5% to $16,877 in the last seven days.
EthereumETH-USD) was down 8% to trade at $1,215.