‘Dogefather’ Elon Musk will be stepping down as CEO but will assume the role of CTO and executive chair.
Elon Musk has announced that he has hired a new CEO for “X/Twitter”. The unnamed CEO will be Twitter’s first female CEO and will start within six weeks. The announcement comes five months after Musk was famously voted out of his CEO position via a Twitter poll.
Musk will be transitioning to an executive chair and CTO (Chief Technology Officer) position, which will involve “overseeing product, software & sysops”.
What might this mean for Crypto Twitter?
Twitter is undoubtedly the central hub of crypto news and discussion. Most Web3 platforms announce official updates and developments via Twitter, making it the go-to space for a diverse range of crypto communities, from NFT projects to DeFi protocols. Twitter trends and tweets have been known to influence the crypto market on several occasions, including the recent $PEPE hashtag and Musk’s repeated endorsements of Doge.
As the CTO of Twitter, Elon Musk is expected to focus on transforming the platform into an “everything app” called ‘X’. An everything app is a single platform that provides multiple functions and features, serving as a one-stop-shop for digital services, from communication to entertainment and payments. China’s WeChat is a good example of an everything app.
If Twitter becomes an everything app, as Musk has indicated in the past (“Buying Twitter is an accelerant to creating X, the everything app“), one of its core features will be its payment network. Fortunately, payment networks are Musk’s forte as the co-founder of PayPal.
Musk co-founded PayPal in 1998 as Confinity, and in March 2000, it merged with another company called ‘X.com’, an online banking company also founded by Musk. The combined company was renamed PayPal, and Musk became its largest shareholder, serving as its CEO for a time. Under his leadership, PayPal went public in 2002 and was acquired by eBay in 2003 for $1.5 billion.
It’s likely that Dogecoin will become part of Twitter’s eventual payment network.
Elon is vocal proponent of Dogecoin and is nicknamed the Dogefather. In May 2021, Elon tweeted that he has been “working with Doge devs” to improve the efficiency of the Doge transaction system. In addition, Tesla, Elon’s other company, only accepts Dogecoin as a digital asset.
The Tesla site states: “Tesla only accepts Dogecoin. Tesla cannot receive or detect any other digital assets. Ensure you are making your purchase with Dogecoin. Sending any other digital assets may result in the assets being lost or destroyed. Non-Dogecoin digital assets sent to Tesla will not be returned to the purchaser.”
While there has been no official announcement to confirm speculation of Twitter’s payment network, Musk has confirmed his intentions several times – on Twitter, naturally.
Doge was one of the first memecoins on the market, and while it doesn’t have a first-mover advantage like Bitcoin and Ethereum, integration with Twitter could drive Doge to be one of the most highly traded coins on the market.
So who will the new Twitter CEO be?
The only details confirmed by Musk is that the new CEO is a female and will be starting in six weeks.
However, the New York Times reported yesterday that the most likely candidate appears to be Linda Yaccarino, citing two unnamed sources. The Wall Street Journal also reported that Ms Yaccarino was ‘in talks’ with Musk regarding the role.
Yaccarino is currently the chair of global advertising and partnerships at NBCUniversal. She is widely recognized as one of the most influential women in media and advertising, having spent more than two decades in the industry.
Yaccarino has also been named to Adweek’s list of the most powerful women in advertising and media numerous times, and was also named one of Fortune’s 50 Most Powerful Women in Business.
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