This is not investment advice. The author has no position in any of the stocks mentioned. Wccftech.com has a disclosure and ethics policy.
After more than 24 hours have passed since a majority of voters on a Twitter poll asked him to step down as the company's chief executive officer, Musk has finally broken the silence and announced that he will resign as soon as he can find an adequate replacement. The announcement comes as rumors on the street suggest that Mr. Musk is aggressively looking for a replacement to run one of the most consequential social media networks today. After taking over Twitter for $44 billion earlier this year, Musk has struggled to find creative avenues to earn revenues on a platform that was yet to turn a profit, according to its publicly available statements before the acquisition.
Musk Plans To Run Twitter's Software and Server Teams After Leaving Top Role
The latest bit of controversy surrounding the electric vehicle billionaire has seen him jump right in the middle of highly divided American politics. Musk has criticized former Twitter management's policies of suppressing free speech on the platform and has taken several steps to reverse these decisions by reactivating different accounts. At the same time, he has also taken action against fake accounts, or 'bots' on the platform - which have often surrounded Musk's tweets as well -given that he is one of the most vocal public personalities on Twitter.
After taking criticism from several quarters for unwise decisions after his takeover, the executive created a poll on his Twitter page earlier this week which simply asked those voting whether they would like him to resign. When the poll ended, a resounding 57.5% of the 17.5 million voters voted 'Yes', making the situation tricky for Mr. Musk, who had also promised to "abide by the results of this poll".
Things took an even more interesting turn as the billionaire refrained from tweeting after the results were finalized. This stood in sharp contrast to his habits, which see him stop tweeting only when he goes to sleep.
The aftermath of the poll saw Musk only retweet his other company, SpaceX's Starlink satellite internet service crossing one million subscribers and a thread about the controversial 'Twitter Files' series that lay down past management practices out in the open. However, this silence was shattered moments back when Musk confirmed that he would indeed step down as Twitter head and focus on running the company's software and server teams instead.
In his own words:
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.
Throughout his time at Twitter, Musk has repeatedly shared how hard it is to run yet another company. As soon as he took over, he took the unpopular decision of firing most of Twitter's workforce - only to call some of them back later on. This was part of his efforts to ensure only the most "hardcore" employees remained at the company - which then led to several employees sleeping at Twitter as well.
His time at Twitter has also stirred up investors in Tesla, which are now demanding that the executive spend more time at his car company instead. At the same time, officials of the National Aeronautics and Space Administration (NASA) have repeatedly sought assurances that the entire Twitter saga will not affect SpaceX's commitments to the company, according to unconfirmed reports. SpaceX is currently building the world's largest rocket, Starship, in Texas, which will be the first private rocket to land humans on the Moon if it becomes operational.