Twitter facing lawsuit over staff layoffs, Dogecoin sinks 9%
Dogecoin's run of form comes to a halt as crypto integration plans get postponed and ex-Twitter staff file legal action.
Twitter is facing a class-action lawsuit over its plans to cut 50% of its workforce following Elon Musk’s takeover of the social media platform, Bloomberg News reported on Nov. 4.
Since taking charge, Musk has authorized numerous changes across the board in an attempt to revitalize Twitter’s reputation as the internet’s “town square.”
However, a potential 3,700 reduction in headcount has resulted in a class-action lawsuit filed in a San Francisco federal court.
The complaint centers around the lack of notice, which contravenes federal and California state law.
As rumors began circulating of Musk completing the Twitter deal, Dogecoin shot up in value — growing 170% to peak at $0.15982 on Nov 1.
Since then, crypto integration plans have been put on the back burner, and laid-off workers have pushed back, driving DOGE lower.
Off the back of two consecutive daily red closes, the leading meme coin sunk as low as $0.11519 on Nov. 4, down 9% over the last 24 hours.