Business magnate and investor Elon Musk said he would step down as the Chief Executive Officer of Twitter following a 57.5% vote in favour of his resignation. To people’s dismay, though, he added a condition to it. Musk declared to resign as soon as he found someone “foolish enough to take the job.”
Following that, he would basically be in charge of servers and software teams, he added. Also, reports suggest that Musk is actively looking for a new CEO to replace him after seeing the poll results.
Should I step down as head of Twitter? I will abide by the results of this poll.— Elon Musk (@elonmusk) December 18, 2022
Musk’s $44 billion buyout of Twitter in October has triggered tremendous upheaval and controversy. Musk has been constantly subjected to enormous pressure from Wall Street to step down as CEO. Some investors have raised concerns suggesting that he might be too preoccupied to efficiently operate his electric vehicle automaker, Tesla Inc., where he is actively involved in production and engineering.
Musk’s acknowledgement of the Twitter poll results might surprise many as this is the first time he has announced resigning from his position as CEO. Musk acknowledged that he has too much on his plate and that if he finds a replacement, he will renounce his Twitter responsibilities once he finds a suitable heir to the position.
On December 19, Musk posted the Twitter poll and said he would follow the findings. 17,502,391 votes were cast, and yes received 57.5% of the vote, making him the Twitter CEO to resign. On the other hand, 42.5% responded “no.”
Around 5,000 of Twitter’s 7,500 employees resigned from the company after Musk’s acquisition, and the company is still in an experimental phase as the new regime rolls out and supports new services.
Following the collapse of Tesla shares on Tuesday, their most significant one-day drop since October, Elon Musk’s net worth fell to a two-year low.