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#RIPTwitter: As Musk continues to bring down Twitter, how is DOGE doing?

By Darius McQuaid

15:41, 18 November 2022

Elon Musk and the logo of Twitter on a mobile phone
As many as 50% of Twitter’s workforce may have walked out after Musk’s ultimatum – Photo: Getty Images

#RIPTwitter was trending on Twitter as of 18 November to mark the departure of large numbers of employees of the American social media company, who are walking out in protest at the actions of the company’s new owner, Elon Musk.

The departures, came after Musk, who is also the CEO of Tesla, the American electric vehicle and clean energy company, sent a companywide message to Twitter staff to sign up for “long hours at high intensity” or leave.

Reports stated that numerous people have left the firm after Musk’s demand.

Twitter staff had until the end of the workday on 17 November to respond to a Google form with “yes” if they wanted to carry on working for what Musk has labelled Twitter 2.0. If they rejected the form, 18 November would be their last day working for the company.

According to The Verge, people who saw Twitter’s Slack channel said employees who had rejected Musk’s new demands were announcing they were leaving and saying goodbye to their former colleagues.

The Guardian reported that it was unclear exactly how many people left the social media company, but it could be as many as 50% of its workforce.

One employee said via Slack: “I’m not pressing the button. My watch ends with Twitter 1.0. I don’t wish to be part of Twitter 2.0.”

ETH/USD

3,130.32 Price
+0.420% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

XRP/USD

0.48 Price
+6.320% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

BTC/USD

57,859.20 Price
+0.490% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

DOGE/USD

0.11 Price
+0.250% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

DOGE to USD 

Staff locked out of their offices

Following on from the fallout of Twitter 2.0 demands, Twitter staff have been locked out of their offices.

Employees were sent a message, seen by the BBC, that told them the offices would reopen 21 November.

The reasoning behind this move was not revealed in the message.

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Dogecoin reaction

Musk is closely associated with dogecoin (DOGE), which has dropped in price on 18 November, though by not by a large amount. As of 18 November, DOGE was at $0.084, down by 0.78% compared to the day before, but up by 2.32% compared to the previous week, according to CoinMarketCap.  

The Tesla CEO was voted to be the unofficial CEO of dogecoin in 2019 via a Twitter poll, beating other crypto luminaries such as Vitalik Buterin, co-founder of ethereum (ETH), Charlie Lee, creator of litecoin (LTC), and Marshall Hayner, CEO of Metal Pay.

Markets in this article

DOGE/USD
DogeCoin / USD
0.1080549 USD
0.0002731 +0.250%
ETH/USD
Ethereum / USD
3130.32 USD
13.09 +0.420%
LTC/USD
Litecoin / USD
69.65 USD
1.31 +1.930%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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