Wall Street Times

Musk will resign as Twitter CEO

Image Source: Vox

Elon Musk has said that he will quit as CEO of Twitter when he finds someone “stupid enough to take the job.”

The billionaire said he would quit his job if 57.5% of the people who voted in a Twitter poll said “yes.”

He says that even after his replacement is found, he will still be in charge of the software and server teams.

Since he took over, people have said bad things about the changes to the platform.

Since Mr. Musk bought the social media site in October, he has fired about half of its employees and tried to launch Twitter’s paid-for verification feature before stopping it. Last week, the feature was brought back.

Civil liberties groups have also said that the way he moderates content will lead to more hate speech and false information.

Musk bought Twitter for $44 billion (£36 billion) in October, even though he had tried to back out of the deal many times.

Since he took over, people have said bad things about how he moderates content. Some groups that protect civil liberties say that he is doing things that will lead to more hate speech and false information.

On Friday, the United Nations and the European Union criticized him because Twitter fired some journalists who covered the company. He has also fired about half of the Twitter employees.

Mr. Daisley said that Mr. Musk’s actions and responses to users gave “a hint” of his thinking.

The United Nations tweeted that media freedom was “not a toy,” and the European Union said that Twitter would be punished.

Musk shops his replacement as Twitter CEO

This is the first time Musk has answered the poll that started on Sunday asking if he should quit. More than 17.5 million people voted, and 42.5% said Mr. Musk should not step down.

Mr. Musk says finding someone to take over the social media platform might take a lot of work. After laying off Twitter employees last month, the billionaire reportedly told the people who still worked there that the company he bought could have a “net negative cash flow of several billion dollars” in 2023. This means that the company could go bankrupt.

Some people think that Jack Dorsey, who helped start Twitter, could also come back and run the business. But instead, he quit his job as CEO in November 2021.

Sheryl Sandberg, the former COO of Facebook, Sriram Krishnan, an engineer and close friend of Mr. Musk, and Jared Kushner, a former US presidential adviser and Donald Trump’s son-in-law, are some of the other people who have been mentioned as possible replacements.

Mr. Musk has, in the past, paid attention to Twitter polls. “Vox populi, vox dei,” Latin for “the voice of the people is the voice of God,” is one of his favorite phrases.

Only Blue subscribers will be able to vote in polls

But on Tuesday, he confirmed that only paid Twitter users who have a blue tick will be able to vote on rule changes in the future.

It happened after a user said it seemed like many “bots” had voted in the poll about Mr. Musk’s role at the company. Mr. Musk said that he thought the claim was interesting.

Even though Elon Musk’s time as CEO of Twitter was short, it was not sweet.

It was like seeing a train go off the tracks.

He seemed to enjoy putting on a show. But did he get bored, did his investors stop him, or did he finally listen to those who told him that Tesla, the electric car company that a lot of his wealth is tied to, needs urgent attention from its CEO, who is also him because its value keeps going down?

Since Mr. Musk is very open on Twitter, he will eventually tell us.

But the show with Musk and Twitter is still going on. It will likely be a while before someone buys the company from him, especially not at the price he paid for it, and he will still be an influential tweeter.

He also has to find someone to work with and take his place, which could be tricky.

After its launch was put on hold, Twitter’s paid verification feature started rolling out again last week. People who use the service and pay $8 per month or $11 if they use the Twitter app on an Apple device get a “blue tick.”

Before, something was given a free blue tick to show that it was real.

Investors have told Mr. Musk for weeks that he needs to stop running Twitter because it keeps him from running Tesla well.

Read Also: World Cup 2022 impacted sponsors or not? 

Shares of the electric car company have dropped by more than 65% in the past year.

Mr. Musk sold Tesla shares worth billions of dollars to help pay for his purchase, which made the shares worth less.

People have also said that Mr. Musk needs to pay more attention to Tesla, the company that makes most of his money. So far this year, Tesla shares have lost more than 60% of their value, and some say Musk’s obsession with Twitter is hurting the company’s reputation.

Last week, Tesla’s third-largest single shareholder, Leo KoGuan, asked Elon Musk to step down as CEO.