Dogecoin Spikes as Elon Musk Completes his Acquisition of Twitter

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Like a digital Lassie, Dogecoin has come to the rescue of the world’s richest man.

After a months-long authorized quagmire, Elon Musk lastly accomplished his acquisition of Twitter on Friday for lots greater than he needed to pay. Happily for the enigmatic multi-billionaire, his cryptocurrency of alternative had his again — leaping some 60% since Friday morning. Now if solely he can get his loyal doge to take a seat, keep, and never plummet simply as quick.

Maintain on for Expensive Strife

The extremely speculative meme coin’s surge comes at a sorely wanted time for Musk. Twitter is now contending with the chance of fleeing advertisers, who’re weary of its new chief’s “anything-and-everything-goes” content material moderation ethos. Normal Motors suspended shopping for Twitter adverts on the platform on Friday, and a few automakers are involved Musk’s possession of Tesla may create a battle of curiosity, sources told The Wall Road Journal.

Already Musk has introduced he is ceding main content material moderation choices to a yet-to-be-named “council” holding “various views,” a web page proper out of the Mark Zuckerberg playbook. However as he kinds his personal oversight board, he is discovering loads of artistic methods to chop prices — and apparently workers — elsewhere:

• Musk fired CEO Parag Agrawal, Chief Monetary Officer Ned Segal, and two different high executives “for trigger,” The Info reported Saturday. By doing so, he is stopping their unvested inventory from vesting and sure avoids paying the previous C-suite gamers $122 million in golden parachute payouts.
• In the meantime, The New York Instances stories Musk is ordering broad layoffs spanning the complete workers, with doubtlessly as much as 50% of its 7,500 staff liable to receiving pink slips. The layoffs would happen earlier than the primary of subsequent month, when staff had been set to obtain inventory grants as a part of the compensation — although NYT stories he’s supposed to supply money in lieu of inventory choices.

Agrawal and the opposite executives are stated to be contemplating their authorized choices to safe their severance packages, and Courtney Yu, analysis director at knowledge agency Equilar, instructed Reuters on Friday that “trigger in these instances normally being that they broke the regulation or violated firm coverage.” Suffice it to say, Musk could also be headed for extra courtroom drama with Twitter — and larger authorized payments that may eat into his dogecoin winnings.