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Sunday, May 19, 2024

Twitter users tell Elon Musk: Yes Quit

Elon Musk may step down as Twitter’s chief executive. This comes after Musk asked his followers on the platform whether he should quit.

During a recently conducted poll, after Mr Musk asked his 122 million followers if he should resign, 57.5% told him “Yes Quit.”

Mr Musk, who paid $44 billion (£36 billion) for Twitter, indicated before the poll concluded that he would follow the results.

Twitter users voted in a poll for Elon Musk to resign as CEO of the social media network, amid a backlash against the billionaire who took over less than two months ago.

According to the poll Musk conducted on Sunday evening, almost 57.5% voted “Yes,” while 42.5% voted “No” to Musk stepping down as CEO of Twitter. The voting was attended by around 17.5 million people.

Musk stated on Sunday that he will follow the poll results, although he did not specify when he would stand aside if the results indicated that he should. Shares of Tesla, the electric-car firm Musk oversees, were up nearly 5% in premarket trade.

Musk, who was dethroned as the world’s richest person earlier this month, also launched the tunnelling business Boring Company, invests in the medical device company Neuralink, and leads the rocket company SpaceX.

Following the Twitter acquisition, Tesla investors have expressed worry that Musk has stretched himself too thin.

Tesla shares have already lost about 60% of their value this year, as, like other carmakers, it fights supply chain challenges and increased competition in the EV industry.

“It looks Musk’s tenure as CEO of Twitter will expire, which will be a huge positive for Tesla’s shares, gradually removing this burden from the tale,” Wedbush analyst Dan Ives wrote in a note.

“Musk is Tesla and Tesla is Musk.”

Tesla is one of the world’s leading automakers, producing around one million vehicles each year. However, recent logistical issues, pandemic-related Chinese lockdowns, increasing borrowing rates, and a bleak prognosis for global economic development have prompted worries.

Musk told a Delaware court last month that he will minimise his time at Twitter and eventually select a new CEO to head the social media firm.

Replying to one Twitter user’s suggestion about a prospective change in CEO, Musk responded on Sunday “There is no successor”.

“Elon Musk,” “Twitter CEO,” “Yes” and “No” were among the hot topics on Twitter on Monday.

The survey follows Twitter’s policy modification on Sunday, which outlawed accounts created exclusively for the purpose of promoting other social media corporations, as well as material including links or usernames for other platforms.

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