Elon Musk Clarifies Dogecoin Joke: The Reason Behind Twitter’s Change to Doge Logo
Elon Musk changed the Twitter logo on the social media network’s web version to the Shiba Inu in the Dogecoin logo. Tesla CEO Musk, who is known to be a fan of the Doge meme and cryptocurrency, bought Twitter in a $44bn deal last year. In March 2022, prior to buying Twitter, Musk tweeted that because it acts as a “de facto public town square” a lack of adherence to free speech principles undermines democracy. A Twitter user responded by suggesting Musk buy the site and change the bird logo to a Doge image. After changing the logo earlier this week, the value of Dogecoin rose by over 20%. Musk has also faced a lawsuit from individuals claiming damages of $258bn accusing him of engaging in racketeering by promoting Dogecoin. However, Musk’s legal team argued the plaintiffs had failed to explain what risks Musk is alleged to have hidden from investors. “There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion,” the filing said.