Another way, Twitter may soon take Dogecoin (DOGE) for payment.

According to reports last week, Musk reportedly controls 9.2 percent of the company's equity.

The CEOs of Tesla (TSLA) and SpaceX have been invited to join the company's board of directors.

That limit was put in place by the company's board of directors.

A background check and the condition that he operates in the best interests of all other shareholders may not have gone down well with Musk.

After Musk and the board agreed that he would not join the board on Friday, April 8, the agreement was finalized.

On the other hand, Musk advised that Twitter begin accepting Dogecoin as payment.

In a series of tweets after disclosing his shareholding, he made this proposal.

Consider this one of his more realistic suggestions.

Another example was that the firm should not rely on advertising income.

That's a concern since Twitter relies on advertising for over 90% of its income. In other words, don't hold your breath.

Eventually, Twitter will have to accept Dogecoin as a medium of exchange.

Twitter has yet to say if Dogecoin would be accepted. 

On the other hand, Musk may have to influence the social media firm.

For starters, he is no longer restricted to owning up to 14.9% of the firm since he did not join the board.

He has the potential to increase his Twitter holding to 19.9 percent if he so chooses.

After that, he might offer to buy out the company's shareholders and gain control.

As a result, Twitter may have to pay attention to Musk.

Pressure will be placed on the corporation from an outsider's perspective by him.

One of the reasons is that: Most shareholders do not participate in the voting process.

Their votes are left up to the brokerage companies and other third-party actors.

At a regular or special meeting of Twitter's shareholders, Musk might propose that the company adopt Dogecoin in an official capacity.

There is a good chance that the plan will be implemented.

In a nutshell

According to Forbes magazine, Musk's endorsement of Dogecoin as a payment method over Bitcoin (BTC) and Ethereum might boost its price (ETH).

Despite this, Dogecoin had risen from 13.31 cents at the end of March to a high of 17.29 cents on April 5, when Tesla CEO Elon Musk made his controversial remarks.