July 12, 2024


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 has doubled in price.

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’s 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 share delisting notice that they were converted 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.

Binance boss weighs in on Twitter

In an interview on CNBC’s Squawk Box on Oct. 31, Binance CEO Changpeng Zhao (CZ) backed his decision to support the 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.”

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

The 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,” he said citing tactical problems such as the bots and spammers which flood the platform. The overall sentiment was that with Elon in charge, things can start finally 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 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).

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

Speculators are hoping that Elon Musk integrates 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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