Twitter has updated its logo. Instead of a blue bird, it now features a Shiba Inu dog from an Internet meme. It is also used as the logo for the Dogecoin cryptocurrency, which is backed by Twitter owner Elon Musk. Against this background, the price of the cryptocurrency grew from $0.08 to $0.1, but later corrected to $0.09 (+15.7%).
The previous Twitter logo has been in use since 2012. The management of the social network did not explain the changes in any way and did not specify whether this decision is temporary. Mr. Musk on his page only provided a screenshot of a correspondence with a user who asked him to “buy Twitter and change the bird logo to a dog.” “As promised,” signed the billionaire.
Elon Musk bought Twitter in October 2022 for $44 billion. He immediately fired the company’s management and reduced, according to various estimates, 70-80% of employees. Now the staff is about 2 thousand people. The billionaire made a number of changes in the work of the social network: he softened the rules of moderation and made the verification checkbox a paid service. Against this background, large advertisers began to leave the company. In December 2022, Twitter ad spending dropped by 71%, according to Standard Media Research Center.