On Monday, without warning, the iconic Twitter bird logo above the home button on the social network’s web version changed to the “doge” of the Dogecoin cryptocurrency. (Twitter’s mobile apps weren’t changed.) The doge image (of a Shiba Inu) is part of the logo of the Dogecoin blockchain and cryptocurrency, which was created as a joke in 2013 — to mock other cryptocurrencies like Bitcoin.
Musk, who bought Twitter last fall in a $44 billion deal, is a well-known superfan of the Doge meme and he has promoted Dogecoin both on Twitter and during his appearance last year hosting “Saturday Night Live.” After the change to Twitter’s web logo Monday, the value of Dogecoin rose more than 20%.
By way of explaining the Doge logo change on Twitter, Musk, currently the world’s second-richest individual, posted a tweet Monday that said, “As promised” — with a screenshot of an exchange he had in March 2022 with a Twitter user who goes by @WSBChairman.
After Musk tweeted in March 2022, prior to mounting his eventually successful bid to buy Twitter, “Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy. What should be done?,” @WSBChairman had responded, “just buy twitter… and change the bird logo to a doge.” Musk responded, “Haha that would sickkk.”
What is not meant to be a joke: In June 2022, Musk was on the receiving end of a lawsuit filed in the U.S. District Court for the Southern District of New York accusing him of engaging in racketeering by promoting Dogecoin. Musk’s legal team filed a motion on Friday, March 31, to have the lawsuit dismissed, per a Reuters report. Among other things, the plaintiffs who sued Musk — seeking an eye-popping $258 billion in damages — pointed to his hosting gig on “SNL,” where on Weekend Update he portrayed a fake financial expert who called Dogecoin a “hustle.”
According to the filing by Musk’s lawyers, the plaintiffs in the case have not shown how Musk’s statements in favor of Dogecoin defrauded anyone nor have they explained 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. “This court should put a stop to plaintiffs’ fantasy and dismiss the complaint.
(Variety)
