Elon Musk steps down as CEO of Twitter
The billionaire had pledged to follow the outcome of a Twitter poll in which 57.5% of users supported his resignation from the position.
He claims that even once a replacement is found, he will continue to lead the software and server teams.
The platform’s modifications since his takeover have drawn a lot of flak.
The RECITA NEWS is not in charge of the information found on external websites. Twitter’s original tweet seen
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 organizations, which accuse him of taking actions that will encourage hate speech and false information.
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.
— Elon Musk (@elonmusk) December 21, 2022
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.”
The RECITA NEWS Li is not in charge of the information found on external websites. Twitter original tweet seen
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 phrase he frequently uses in his speeches.
No one wants the job who can actually keep Twitter alive. There is no successor.
— Elon Musk (@elonmusk) December 19, 2022
Elon Musk’s time as CEO of Twitter may have been brief, but it was far from enjoyable.
We occasionally had the impression that we were witnessing a train leave the rails.
He appeared to take pleasure in his own circus. Did he eventually pay attention to those warning him that Tesla, the electric car company to which much of his wealth is linked, needs its CEO – also him – to pay urgent attention as its value continues to plummet, or did he get bored, did his investors pull him back, or did he finally listen to them?
Maybe one day Mr. Musk will tell us given how forthcoming he seems to be on Twitter.
But the Musk/Twitter show is far from over. He’ll still be the owner of the company (nobody’s going to buy it from him any time soon, certainly not at the amount he paid), and he’ll undoubtedly continue to tweet frequently and with influence.
Additionally, he needs to find someone who will step in for him (and collaborate with him), and that role may be challenging to fill.
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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.”