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No successor for Twitter?

Updated: Apr 16, 2023

TL;DR: As Musk puts out a poll for him to continue as the head of Twitter; people vote against it.

Twitter users voted in favour of Elon Musk stepping down as CEO, just after the social media platform's owner invited the public to weigh in on his future. It is not the first time Musk has asked Twitter users to make major corporate decisions. From more than 17.5 million responses, a poll on Mr Musk's account received nearly 58 percent in favour of him stepping down. On Sunday, Musk said he would abide by the results, but did not say when he would step down if the polls showed he should step down.

Elon Musk told a Delaware court last month that he would scale back his work at Twitter and eventually find a new leader. Since almost all of Twitter's top ranking executives resigned or were fired over the past few months, there is no clear replacement. As Musk added in later tweets, "no one wants to be the person who keeps Twitter alive. There is no successor”, and “and it has been in the fast lane to bankruptcy since May”. Several actions culminated in the poll results in the past few days, including suspending journalists that were condemned by news organizations, advocacy groups, and European officials.

Musk, who is also CEO of Space Exploration Technologies Corp. and Tesla Inc., has devoted much of his time since acquiring Twitter on October 27 to the social media service, attracting criticism for his abrupt policy changes and neglect of his other businesses. The stock of Tesla, his most valuable holding, has sunk by about a third since the acquisition. Tesla has already lost nearly 60% of its value this year due to supply chain issues and competition in the EV sector. "Musk's reign as CEO of Twitter appears to be coming to an end, which is a major positive for Tesla's stock," said Wedbush analyst Dan Ives.


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