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Elon Musk had to sell a significant portion of his Tesla stock in order to pay off some of the debts he took on to acquire the social media platform.
Drawing on his popular Latin quote vox populi, vox dei which roughly means “the voice of the people is the voice of God,” Elon Musk, the owner and CEO of the social media giant, Twitter is set to quit his role in company. The Twitter boss published a poll on Sunday asking his followers to decide whether he should stay on or quit as the CEO of the company.
Per the results of the poll which saw more than 17.5 million participants, approximately 57.5% voted him to step down and according to him, he will do so when he finds someone foolish enough to take the job.
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
As noted by Elon Musk, resigning as the frontrunner in the company will not mean he will stop having an influence on some key aspects of the firm. As seen in the tweet above, he will stay on to run the software and server teams even after the new CEO has taken over.
With the apparent readiness of Elon Musk to leave the firm, the question on Twitter now lies in who will take over the company. Many are speculating that the social media co-founder and former CEO, Jack Dorsey may return to manage the company.
According to a report by the BBC, a host of others are speculating that Sheryl Sandberg, the former chief operating officer at Meta Platforms Inc (NASDAQ: META), Sriram Krishnan, engineer and close confidante to Elon Musk, and Jared Kushner, US former presidential adviser and son-in-law of Donald Trump.
While the choice of a CEO will be revealed in the coming months, the entire process once again shows how much of a people-pleaser Elon Musk is, a move that many can tag as being democratic.
Elon Musk Exit as Twitter CEO: Good News for Tesla
Elon Musk had to sell a significant portion of his Tesla Inc (NASDAQ: TSLA) stock in order to pay off some of the debts he took on to acquire the social media platform. Since the acquisition, investors in the electric car manufacturing company have been complaining that Musk is distracted and this exit from the CEO role is bound to come off as good news to them.
“Finally a good step in the right direction to end this painful nightmare situation for Tesla investors,” said Dan Ives from investment firm Wedbush Securities after Mr. Musk’s tweet on Tuesday.
The short stint of Elon Musk as CEO of Twitter saw him implement a number of controversial decisions. Besides laying off as much half of the company’s staff including the former CEO, Parag Agrawal, he has also recently reactivated Twitter Blue subscription which gives the Blue tick to paid subscribers.
Many that are concerned about Elon Musk’s approach to free speech may see the news of his exit as a good one for the media and Journalists as a whole.