The announcement came just over eight weeks into Musk’s turbulent tenure as head of the social media platform. He added that after finding a replacement, he would “run the software and server teams” at the company.
Things came to a head for the billionaire on Sunday. After a tumultuous few days in which Twitter banned both prominent journalists and the promotion of rival social media platforms, decisions that were later reversed, Musk conducted a Twitter poll to determine whether he should remain as Chief Twit.
The results came in Monday morning. More than 17.5 million users voted and 57.5% said Musk should step down. He had said that he would comply with the survey results, but waited about 40 hours before confirming that he would vacate the CEO position.
A timeline for a replacement has yet to be announced, and Musk previously warned that anyone who wants to run Twitter “has got to really like pain.” And whoever takes the helm of the company, which Musk bought for $44 billion, will have a tough road ahead of them.
The company has never been profitable and Musk has warned that it is headed for bankruptcy. During the billionaire’s controversial time as CEO, major companies have advertising stopped in the place. The relaunch of Twitter Blue, a subscription service that Musk declared would be a cash cow for the company, has been delayed several times. Now that it’s up and running again, it’s unclear how many people have signed up.
And problems are mounting elsewhere for Musk, who is also the CEO of Tesla. Several high-profile investors have complained loudly that Musk’s erratic leadership on Twitter has negatively affected the auto company, whose share value plummeted from nearly $400 earlier this year to just $138 at the latest. present. Because most of Musk’s wealth comes from his Tesla stock, he is no longer the richest person in the world.
Musk He participated in a Twitter Space last night during which he said that the future of Twitter was improved by his leadership. “That’s why I’ve spent the last five weeks cutting costs like crazy,” he explained. “This venture is like, basically, you’re in a plane heading towards the ground at high speed with the engines on fire and the controls not working.”
