It appears that Elon Musk abides by Twitter people’s decision and Elon Musk resigning from Twitter is expected action in the near future. Musk announced on Twitter on Tuesday that he would leave his position as CEO of Twitter once he found a suitable successor.
It comes after the Tesla CEO and Twitter owner tweeted a poll on Sunday asking followers if he should resign as Twitter’s CEO. More than 57 percent of voters supported Musk’s resignation.
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
Why is Elon Musk resigning from Twitter?
Nearly 17.5 million people took part in the poll about Elon Musk resigning from Twitter. There were almost 238 million daily users of Twitter at the end of June. The billionaire, who is also the CEO of Space X and Tesla, has a reputation for making decisions and then fast changing his mind but this time Elon Musk resigning from Twitter is a serious topic.
The executive abruptly announced his resignation over two months after Musk assumed control of the struggling social network. Twitter has experienced significant layoffs, litigation from former employees, a decrease in advertising investment, abrupt policy changes, and worldwide outrage as a result of suspending journalists and other high-profile users. After the acquisition of Twitter was completed in October, Musk reportedly only intended to hold the position of CEO for a little time before handing it off.
Musk’s time on Twitter
Since taking over as Twitter’s CEO, Musk has enacted new policies that have so far angered platform users and advertisers and there are speculations of Elon Musk resigning. In October, Twitter briefly made available a feature that allowed users to pay $8 for a “blue check” verification. Trolls swiftly took advantage of it by creating accounts that mimicked well-known companies like Coca-Cola and Nintendo.
The accounts of journalists from news outlets like The Washington Post, The New York Times, and CNN whose reporting had been critical of his leadership were suspended by Musk as a follow-up last week. Additionally, Twitter deactivated more than twenty accounts that were tracking private aircraft using flight information that was available to the general public. Musk linked the account to an alleged stalker incident that purportedly occurred in Los Angeles and said the account tracked the movements of his private jet and offered “assassination locations.”
Musk announced on Sunday that coming forward, all substantial policy changes would be put to a vote following a spate of hasty moves for which he appeared to apologize on his Twitter account.
Going forward, there will be a vote for major policy changes. My apologies. Won’t happen again.
— Elon Musk (@elonmusk) December 18, 2022
What happens if Elon Musk resigning from Twitter comes to reality?
At this point, it is uncertain if Musk will step down. Being less involved in the day-to-day operation of the platform or selling the business are also possible interpretations of the imprecise term “standing down as head.” The latter is doubtful given the abundance of advertising and criticism the site has been receiving from the public, most notably for the banning of several credentialed journalists.
Tesla investors are one group that would undoubtedly be thrilled with Musk’s resignation. Tesla stock’s market value has decreased by 50% to $470 billion in 2022. In addition to a bad investment climate, there are concerns that Musk is spending too much time on Twitter rather than on his other businesses. Monday’s pre-market trading saw a 3.5 percent increase in Tesla stock.
SpaceX, which has come to the fore with the claim of selling its stocks in the past few days, is another business model in danger of Elon Musk. According to people familiar with the matter who asked not to be identified because the information was private, SpaceX is starting a tender offer in which it will sell insider shares of the private firm for US$77 each. Maybe Elon Musk resigning from Twitter will have a positive effect on the businessman’s other work models.
That covers our thoughts and information on Elon Musk resigning from his position as CEO of Twitter. We, like you, are eagerly awaiting the decision of Elon Musk, who has been in the focus of the media since purchasing the platform.
