Elon Musk 'Will Resign' as Twitter CEO, But There's a Big Catch

Elon Musk detailed the conditions under which he will resign as Twitter CEO on Tuesday, saying when he finds someone "foolish enough" to take over his place, the tech mogul will stand down from his position.

Musk said in a tweet on Tuesday that he is looking for a successor, although he did not specify when this would happen.

Two days after launching a poll on Twitter, Musk tweeted his results. Overwhelmingly, they wanted him gone.

Elon Musk will remain the owner and ultimate decision-maker of Twitter, even if he hires a new CEO, per an NPR report. In a tweet, Musk implied as much, stating he would "just run the software & servers teams." He recently informed staff that under his leadership, Twitter will transition into "a software and servers business."

The billionaire Twitter CEO went to his platform on Sunday to ask a question after facing widespread backlash for deactivating many journalists' Twitter accounts "Should I step down as head of Twitter?" He added that he would respect the outcome of the survey.

Who Are the Candidates To Replace Elon Musk as Twitter Head?

There were almost 17 million people who participated in the survey, and approximately 58% of them wanted Elon Musk Resigns.

However, Twitter CEO Musk claims that it could be a daunting task to find someone to direct the social media site, according to BBC.

After firing employees from Twitter last month, the billionaire allegedly informed the surviving staff that bankruptcy was possible and that the business he had just acquired may experience "the net negative cash flow of several billion dollars" by 2023.

After this week's vote, he tweeted that nobody wants the responsibility can genuinely "keep Twitter alive." Others have speculated that Jack Dorsey, another co-founder of Twitter, may return to lead the firm. He resigned as CEO in November 2021.

Rumors mention that potential successors when Elon Musk Resigns as Twitter head include Sheryl Sandberg, the former COO of Facebook; Sriram Krishnan, an engineer and close ally of Elon Musk; Jared Kushner, an ex-US presidential adviser, and Donald Trump's son-in-law.

Musk Faces Several Setbacks

The tech firm he bought in late October for $44 billion is increasingly pressuring Elon Musk to resign as Twitter CEO.

With Tesla's stock price plunging in recent weeks, some have wondered whether he has been too preoccupied with his Twitter account to notice. Investors have lost billions of dollars due to Musk's takeover of Twitter and the subsequent 35% drop in Tesla stock price, Fox News reported.

Before Musk announced his purchase of Twitter stock on April 1, Tesla had a market value of more than $1.1 trillion. The stock price has dropped 58% since then, and the firm faces competition in the electric automobile market.

Civil rights organizations have also criticized his content regulation, saying it would encourage hate speech and disinformation.

Twitter CEO Elon Musk's move to ban certain journalists covering the social media company drew criticism from the United Nations and the European Union on Friday.

A UN tweet stated that press freedom was "not a toy," while the EU warned of penalties on Twitter.

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Elon Musk, Twitter, Social media, Technology, Internet, Business, United Nations, European Union