Elon Musk recently declared in a tweet that he might resign from his position as CEO of Twitter shortly, giving everyone else even another topic to discuss.
Elon Musk, the new owner of Twitter Inc. and the richest man in the world has invested heavily in the most well-known social network Twitter during the past three months.
Days after openly conducting a poll on the social media platform, Elon Musk is proactively searching for the new CEO of Twitter.
Should I step down as head of Twitter? I will abide by the results of this poll.
— Elon Musk (@elonmusk) December 18, 2022
A total of 17.5 million user participated in poll, out of that 57.5%, chose “yes” in the survey. On Sunday, Elon Musk declared that he will follow the outcome. No successor has been nominated, and he has not given a timeline for his resignation. Then late on Tuesday, Musk tweeted that he planned to resign after finding a successor as chief executive. “After that, I will just run the software & servers teams,” he said.
Users of the social media site demanded that Elon Musk give up his role as CEO in a strong response to a recent poll he conducted on Twitter. Since the poll finished, Musk hasn’t said if he will step aside, but whomever succeeds him or her will need to be able to bring Twitter back to a more stable course even if Musk remains the largest shareholder.
Elon Musk stated on Tuesday that he will step down as Twitter Inc CEO after he finds a replacement, although he will continue to control a number of important departments within the social media site. “I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams,” Mr Musk wrote on Twitter.
Following Elon Musk’s $44 billion acquisition of Twitter in October, there was upheaval and controversy, and some investors questioned whether he was too preoccupied to manage Tesla Inc., his electric vehicle automaker where he actively involved in production and engineering, effectively.
Using 10 billions of his Tesla shares as leverage to pay too much for the social media company has been terrible. It hasn’t helped that Musk alternated between claiming that Twitter is performing better under his leadership and characterising it as on the fast track to bankruptcy. He also repeatedly promised his followers that he was done selling Tesla stock, only to keep doing so. reports here
In recent days, even Tesla investors questioned to Elon Musk’s obsession on social media and whether it might be diverting him from leading the EV manufacturer. Wall Street calls for Elon Musk to withdraw have been rising for weeks.
Elon Musk has acknowledged that he has too much on his plate and that he will search for a new CEO of Twitter. But he claimed on Sunday that “there was no successor and that “no one wants the job who can actually keep Twitter alive.”
Musk joined Twitter Spaces, the company’s live audio platform, after announcing his resignation and outlining the tight financial situation. He claimed that due to its expenditure plans and interest payments, Twitter will have a negative cash flow of around $3 billion the following year, which is why he has spent the previous two weeks “reducing costs like crazy.” He then stated that the business ought to be able to reach about cash flow breakeven the following year. This will be challenging, he remarked.
On October 27, when Musk became Twitter’s owner, he immediately fired the company’s top officials. Since then, other senior executives have either been sacked or quit, leaving the executive suite empty.
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