Bay Area, USA: Elon Musk, a tech billionaire, announced on Tuesday that he will step down as Twitter Inc’s CEO once he finds a replacement, though he will continue to oversee certain operations for the company.
“As soon as I find someone as naive as myself to take over as CEO, I am resigning immediately. When that time comes, my responsibilities will be limited to managing the software and server teams “Musk posted on Twitter.
A number of investors have expressed concern that Musk’s $44 billion acquisition of Twitter in October has left him too preoccupied to effectively run Tesla Inc, where he is intimately involved in production and engineering of electric vehicles.
As the result of a poll he launched on Twitter Sunday night, users demanded that the billionaire resign as CEO, and this is the first time Musk has mentioned doing so.
About 17.5 million people (57.5%) said “yes” in the survey. On Sunday, Musk had said that he would accept the verdict. He has not announced a specific date for his departure, and he has not appointed a replacement.
The calls for Musk to step down from running Tesla have been growing on Wall Street for weeks, and even Tesla bulls have begun to question whether or not his preoccupation with Twitter is distracting him from his primary responsibility of running the company.
Completely Withdrawing? No.
However, on Sunday, Musk said it was difficult to find someone to keep Twitter going. Finding a CEO is not the issue, he wrote; rather, the challenge is to find one who can keep Twitter afloat.
No one who can keep Twitter operational is interested in the position. Musk had tweeted, “There is no one to take my place.”
As CEO of Twitter for only two months, Musk has already alienated investors and angered employees by eliminating nearly half the company’s workforce through mass layoffs and the elimination of senior leadership.
Meanwhile, his personal wealth has dropped to a level not seen in over two years. After Tuesday’s biggest one-day drop for Tesla Inc. shares since October, the company’s market cap dropped to $147.7 billion.
Quick Changes In Policy Can Spark Widespread Criticism
On Sunday, Twitter announced a new policy that caught many users off guard by saying it would no longer permit tweets that included links to other social media sites, calling such posts “free promotion.”Some of Musk’s die-hard fans were upset by the policy’s abrupt reversal.
The policy was questioned by Twitter co-founder Jack Dorsey, who had previously expressed support for Musk’s takeover of the platform, saying on Twitter that it “doesn’t make sense.”
Others who supported Musk’s Twitter bid seemed dismayed by the outcome. In reference to this policy, venture capitalist Paul Graham wrote, “As far as I’m concerned, this is the final straw. That’s it, I give up.”
Graham’s Twitter account was temporarily deactivated after he sent out that tweet, in which he also provided information about where his followers could find him on the competing social media platform Mastodon.
Amid the uproar, Musk issued an unusual apology.
“Changes in direction will be put to a vote in the future. please accept my apologies. No repeat performance, “Mr. Musk took to Twitter.
Musk promised to abide by the results of the poll three minutes after he first posted the question to Twitter asking if it was time for him to resign as CEO of Twitter.
- Elon Musk: Many Twitter Users Have Voiced Their Approval Of Resignation From The Company’s Leadership!
Will Elon Musk Step Down As Twitter CEO?
Whether or not the new owner of Twitter is also the CEO, he or she will have the final say. Musk tweeted that he has found a successor and will now “just run the software & servers teams.”
Over the weekend, Musk asked Twitter users if he should resign as CEO of the social media platform he bought in October for $44 billion. With over 17 million ballots cast, the outcome was clear: 57.5% of those who participated in the informal survey believed he should.
Friends of musks like former PayPal executive David Sacks and tech entrepreneur Jason Calcanis have both been mentioned as potential successors to Musk in the role of CEO.
Musk has been upfront about his intention to reduce his time spent on Twitter since he first announced his intention to step down as CEO.
In a November trial over his compensation at Tesla, Musk said, “There’s an initial burst of activity needed post-acquisition to reorganize the company.” The person in charge of Twitter would eventually be replaced by me.
If Elon Musk Follows The Results Of His Poll, He Will Hires Someone Else To Manage Twitter
Elon Musk took to Twitter on Sunday to ask his followers if he should resign as CEO after he implemented a groundbreaking policy change earlier in the day. When asked, “Should I step down as head of Twitter?” he said, “I’ll abide by the results of this poll.
” More than 2 million people have voted so far, and “Yes” is currently in the lead. Around 6 AM ET, the poll will close. Musk had previously suggested that Twitter would put any proposed policy changes to a vote of the users. “It is my sincere regret. Don’t worry, this is a one-time occurrence “His words.
This vote follows a major rule change announced by Twitter earlier in the day that effectively forbids users from linking to competing platforms such as Facebook, Instagram, Mastodon, and Donald Trump’s Truth Social.
Tweets that promote “alternative social platforms,” as the company calls its competing services, will now be removed. In addition, it warned users that attempting to circumvent the ban would result in permanent suspensions for repeat offenders.
Shortly after Paul Graham, Y Combinator’s co-founder and an early backer of Musk’s takeover of Twitter expressed his displeasure with the policy and encouraged his followers to follow him to Mastodon, the company temporarily suspended Graham’s account.
Importantly, Musk has already stated his intention to delegate control of Twitter to a new manager. Under oath, he did make that promise. His statement to the court last month: “I frankly don’t want to be the CEO of any company,” was revealing.
The results of a popular vote won’t alter that, but they could hurt his pride. In addition, Musk’s tweet doesn’t reveal that he’s under significant pressure from Tesla investors to shift his attention back to the automaker.
After Musk’s takeover of Twitter at the end of October, Tesla stock plummeted. It was down 22% just in December. Given all of this, it’s no surprise that some of Musk’s most devoted fans have begun to turn on the billionaire.