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Twitter facing lawsuit over staff layoffs, Dogecoin sinks 9%

4 Nov, 20222 min readRegulation
Twitter facing lawsuit over staff layoffs, Dogecoin sinks 9%

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.

Dogecoin sinks

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.

Samuel is a strong believer in individual autonomy and personal freedom. He is a relative newcomer to the world of cryptocurrency, having first bought Bitcoin in early 2017, but keen to make up for the lost time.


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