Elon Musk confirmed that he would bring on a new CEO to replace him after this year. After posting a funny tweet surrounding the news, the prices of DOGE and FLOKI started pumping.
The billionaire was cited by Bloomberg, which confirmed that Musk would remain in charge of Twitter for the remainder of 2023 before turning over control of the microblogging platform to a new CEO.
Musk stated at the World Government Summit in Dubai that he must stabilize the company, make sure it’s financially sound, and ensure the product roadmap is well-defined.
“I’m guessing toward the end of this year should be a good timing to find someone else to run the company,” the Tesla chief said. “I think it should be in stable condition around the end of this year.”
Meanwhile, Musk took to Twitter to reveal the face of the new CEO, tweeting a meme of a Shiba Inu dog as the new executive.
As a result, dog-themed ‘meme coins’ recorded gains in the crypto market. Dogecoin gained over 6% in the last 24 hours after closing the week with comparative losses.
Dogecoin peer Shiba Inu (SHIB) also gained around 5% in the past day after losing value in the previous week. FLOKI, another similar asset, recorded the highest gains in the period, adding nearly 43% after falling 7.7% last week.
FLOKI/USD 1D Chart by CoinGecko
Memecoin Community Remains Optimistic
Elon Musk officially closed the Twitter deal on Oct. 27 of last year. Since taking over, he has made several references to integrating cryptocurrency payments onto the platform. Given the ‘DogeFather’s’ prior connection to the memecoin, rumors have permeated the market ever since.
But with another year under Musk, the memecoin community continues to show signs of optimism. At the same time, Musk has responded to criticisms of poor leadership.
He responded, “Tesla went through some very difficult times where it was on the ragged edge of survival.” It requires much less work to operate Tesla now versus the 2017 to 2019 timeframe.”
At the time of press, Musk is the CEO of Tesla, Twitter, and Space Exploration Technologies Corp. He called Twitter “still somewhat of a startup in reverse.”
He reiterated that there is still a lot of work to put Twitter in a “stable position.”
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.