Elon Musk to resign as Twitter CEO when replacement found

• A blue tick was previously used as a free symbol of authenticity.
• Over the past year, Tesla shares have fallen more than 65%.
• Musk will leave the position of CEO when suitable replacement found.

Elon Musk has stated that he will step down as Twitter’s CEO if he finds someone “foolish enough to take the position.”

Prior to this, the billionaire made a commitment to follow the outcome of a Twitter poll in which 57.5% of respondents favoured his leaving the position.

He claims that even once a replacement is found, he will continue to lead the software and servers teams.

The platform’s modifications since his takeover have drawn a lot of flak.

Should I step down as head of Twitter? I will abide by the results of this poll.

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— Elon Musk (@elonmusk) December 18, 2022

Since Mr. Musk acquired the social media platform in October, he has let go of almost half of the company’s employees and tried to push out Twitter’s for-pay verification service before pausing it. Last week, the feature was reintroduced.

The way he moderates content has also drawn criticism from civil rights organisations, which accuse him of taking actions that will encourage hate speech and false information.

The European Union and United Nations denounced Elon Musk on Friday for Twitter’s decision to suspend some journalists who cover the social media company.

While the EU threatened Twitter with sanctions, the UN declared that media freedom was “not a toy.”

The multibillionaire hasn’t previously commented on the poll that was released on Sunday asking if he should step down. It might be difficult to find someone to take over the social networking site, according to Mr. Musk. Jack Dorsey, another co-founder of Twitter, has been rumoured to return and take over as CEO. He gave up his position as CEO in November 2021.

Following the voting, he tweeted, “No one wants the position who can genuinely keep Twitter alive.”

Yep, he already has the new CEO picked out.

Elon will retire to being Chairman of the Board and Tweeter.

— Wall Street Silver (@WallStreetSilv) December 18, 2022

Sheryl Sandberg, the former COO of Facebook, Sriram Krishnan, an engineer and Mr. Musk’s close friend, and Jared Kushner, a prominent US presidential adviser and Donald Trump’s son-in-law, have also been suggested as potential replacements.

Mr. Musk has in the past complied with Twitter surveys. Vox populi, vox dei, which roughly translates as “the voice of the people is the voice of God,” is a statement he frequently uses in his speeches.

Should I step down as head of Twitter? I will abide by the results of this poll.

— Elon Musk (@elonmusk) December 18, 2022

a tweet claiming that Twitter Blue subscribers “should be the only group permitted to participate in polls on policy. We truly have something to lose,” remarked Elon Musk. “Good point, Twitter will change that.”

Last Monday, the paid-for verification service on Twitter resumed rollout after a brief break. Subscribers receive a “blue tick” and pay $8 a month, or $11 if they use the Twitter app on an Apple device.

A blue tick was previously used as a free symbol of authenticity.

Investors have been urging Mr. Musk to step down as CEO of the social media site for weeks, claiming that he has been diverted from effectively managing Tesla.

Over the past year, shares of the electric vehicle manufacturer have fallen more than 65%.

In order to finance his purchase, Mr. Musk sold shares of Tesla for billions of dollars, which aided in the share price decline.

After Mr. Musk’s tweet on Tuesday, Dan Ives of the investment company Wedbush Securities tweeted, “Finally a decent move in the right direction to resolve this awful nightmare situation for Tesla investors.”

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