Musk Remains Silent Eight Hours After Poll Supporting His Resignation As Twitter CEO Ends

Musk Remains Silent Eight Hours After Poll Supporting His Resignation As Twitter CEO Ends

Musk Remains Silent Eight Hours After Poll Supporting His Resignation As Twitter CEO Ends

by Adam | December 19, 2022

Topline

Elon Musk has but to deal with the outcomes of his ballot wherein hundreds of thousands of Twitter customers stated they need the billionaire to resign as Twitter CEO, in what might be a weird however becoming finish to the billionaire’s two-month tenure on the helm of the social media firm.

Elon Musk (heart) at Sunday’s World Cup Final.

Getty Images

The Key Facts

Musk tweeted a ballot Sunday night asking if he ought to step down as Twitter’s head honcho and promised to “abide” by the outcomes.

Users overwhelmingly supported his resignation, as 57.5% of the 17.5 million respondents voted in favor of Musk’s ouster, with the outcomes finalizing Monday at 6:20 a.m. EST.

Musk hasn’t posted since Sunday night time, after which he was unable to publish. shared a number of cryptic posts about Twitter’s doomed future with out him in cost after which questioned the media’s alleged lack of consideration towards crossings on the U.S.-Mexico border in a 9 p.m. publish Sunday, his most up-to-date exercise on the location.

The Key Background

Musk bought Twitter for $44Billion in April. The deal was negotiated after he tried unsuccessfully to drag out six months later. Musk instantly fired Twitter’s incumbent CEO Parag Agrawal and put in himself within the publish, additionally sacking most different executives and shrinking Twitter’s whole headcount by over 50%. An avowed critic of Twitter’s content material moderation and alleged liberal “bias,” Musk shortly reinstated many beforehand banned customers, largely with far-right politics. But Musk’s dedication to “free speech absolutism” got here into query final week after Twitter suspended a preferred account monitoring the situation of Musk’s non-public jet and the accounts of a number of journalists vital of Musk and banned hyperlinks to different social media websites (a few of the journalists’ accounts had been restored). Numerous Twitter advertisers halted adverts on the location throughout Musk’s reign, a large blow to the corporate’s backside line contemplating adverts accounted for greater than 90% of Twitter’s income earlier than it went non-public.

What We Don’t Know

It isn’t clear who can be the subsequent CEO of Twitter. Musk’s resignation and firing of different high officers leaves the corporate with a large energy vacuum. Musk tweeted Sunday he has not chosen a successor, claiming, “No one wants the job who can actually keep Twitter alive.”

The Crucial Quote

“Those who want power are the ones who least deserve it,” Musk posted Sunday. It’s unclear who Musk, additionally the CEO of the world’s most precious carmaker Tesla and the non-public $140 billion aerospace agency SpaceX, was referring to. Musk claimed in Delaware courtroom final month he didn’t “want to be CEO of any company,” additionally testifying he deliberate to “find somebody else to run Twitter over time.”

Big Number

61%. That’s how a lot Tesla shares fell since Musk disclosed he took a majority stake in Twitter on April 4, far outpacing the S&P 500’s 17% decline in the course of the interval. Tesla shares rose to 4.7% on Monday pre-market, earlier than dropping 0.1% per day amid broader promoting.

Chief Critic

“This has been a black eye moment for Musk,” Wedbush analyst Dan Ives wrote in a Monday notice to shoppers. Musk is “finally reading the room” if he resigns and refocuses his consideration on the “golden child Tesla,” Ives stated. Musk has bought Tesla inventory value $22.9 billion since his first settlement to buy Twitter. This fueled the decline of Tesla as traders grew to become disillusioned with Musk’s give attention to the social media large.

SME Valuation

Musk is estimated to have a web value of $163.6 billion. He trails solely Bernard Arnault, a French luxurious tycoon.

Additional Reading

Tesla inventory surges in pre-market after Musk gives to step down as CEO of Twitter (SME)

Musk Asked Twitter Users If He Should Step Down As CEO—Most Voters Said ‘Yes’ (SME)