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Musk has shown how much value he places on meme coins with his advocacy for Dogecoin to be added as a payment option to the social media giants’ exclusive services.
Elon Musk, the Chief Executive Officer of American electric car manufacturing company, Tesla Inc (NASDAQ: TSLA), who now doubles as the largest shareholder of Twitter Inc (NYSE: TWTR) is suggesting that subscribers to the Twitter Blue service should be able to pay in Dogecoin (DOGE).
The revelation that Musk holds a 9.2% share in Twitter was revealed last week per a regulatory filing detailing the acquisition of his shares. Elon Musk is an avid user of the social media platform, and in his characteristic manner, the billionaire has started making a series of suggestions, most of which were shared with the public in a series of tweets.
As part of his suggestions, Musk said the subscription fees for the Twitter Blue service should be cut back to approximately $2 from the current $3 charge. The world’s richest man, however, places a caveat on this new billing system which he said should be charged annually. The Twitter Blue service is currently available to users in the United States, Canada, Australia, and New Zealand.
Price should probably be ~$2/month, but paid 12 months up front & account doesn’t get checkmark for 60 days (watch for CC chargebacks) & suspended with no refund if used for scam/spam
— Elon Musk (@elonmusk) April 10, 2022
Those who register for the service get exclusive access to some unique features including an “Undo Tweet” feature, customized Twitter app icons, and the ability to add bookmarks. The proposal from Elon Musk is undoubtedly likely to be against the wishes of shareholders as he also wants advertisement on the Twitter Blue service scrapped.
Ads are imperative to generate funds in order to maintain Twitter’s servers. Should his proposals be ratified, a significant revenue source would be lost for the company. In all, he has shown how much value he places on meme coins with his advocacy for Dogecoin to be added as a payment option to the social media giants’ exclusive services.
Dogecoin’s price was pegged at $0.1461 at the time of writing, down 1.82% in the past 24 hours.
On Ascension of Elon Musk to the Twitter Board
Per the appointment from Parag Agrawal, Twitter’s CEO, Elon Musk was extended an invitation to join Twitter’s board last week, and per recent reports, the vocal shareholder has reportedly rejected the offer.
This new update was also shared by Agrawal via Twitter in the early hours of Monday. Should Musk have accepted the offer, his tenure would have started on Saturday, “contingent on a background check,” he wrote in an internal memo to staff.
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
“We were excited to collaborate and clear about the risks. We also believed that having Elon as a fiduciary of the company where he, like all board members, has to act in the best interests of the company and all our shareholders was the best path forward,” he wrote.
The revelation of Musk’s holdings in Twitter and the ensuing obligations around those stakes is still being unveiled. For now, Musk seems to be more focused on bringing relevant changes, and it is appearing as though he could do this without a seat at the table.