Dogecoin Takes a 7.4% Hit As Elon Musk Refuses To Join Twitter Board

Key Insights:

• Twitter’s CEO, Paras Agrawal, announced Elon’s turndown for the BOD position.
• Musk has been polling the community about random changes to Twitter.
• In the midst of all this, Twitter and Dogecoin’s prices were knocked down.

Elon Musk joining Twitter was a big deal for both the crypto and the stock market as Musk’s influence in both spaces is pretty significant.

However, the most recent update on that front makes it seem like the hype was for nothing, as Twitter might not see the ‘Elon touch’ to its ecosystem.

Elon Leaves Twitter’s Board

Less than a week ago, the CEO of Twitter, Paras Agrawal, announced Elon Musk’s 9.2% ownership of Twitter.

This made him the single largest shareholder in the entire company, and in doing so, it was also announced that Musk would be joining the Board of Directors.

Consequently, Twitter’s share prices witnessed the highest single-day rise since the beginning of 2021 as TWTR shot up by 27.12% to trade at $49.97.

However, today Agrawal, in a note to the company and the Twitter community, announced that Musk would not be joining the board.

The reason behind this decision was not revealed, but Agrawal stated that Elon was supposed to join the board effective April 9, but that morning itself, Musk said no to the company’s offer.

However, Paras Agrawal has stated that the company will always remain open to his input.

Adding to the same, he said,

“There will be distractions ahead, but out goals and priorities remain unchanged. The decisions we make and how we execute is in our hands and no one else’s. Let’s tune out the noise and stay focused on the work and what we’re building.”

The Tesla CEO recently was on a poll rampage, feeling the community about what changes to Twitter they would prefer.

This ranged from adding an “edit” button for tweets to making Dogecoin a payment method for Twitter Blue and even turning the Twitter headquarters into a homeless shelter which received support from Amazon’s Jeff Bezos.

However, since the announcement, these tweets have been deleted.

The Twitter Ticker Tragedy

The last time the market was active, Twitter was at $46.23, and as of the time of writing, the NYSE is still in pre-market, so it cannot be said which direction the price might head into.

However, Elon’s favorite, Dogecoin, did not react well to his refusal to join the Twitter board. DOGE has been posting just red candles for the last four sessions on the 4-hour chart, resulting in the meme coin losing its 25.47% rally earlier this month.