The billionaire Elon Musk announced on Tuesday that he will step down as Twitter’s CEO once he finds a replacement, although he will continue to oversee some crucial departments of the social media network.
“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,” Musk wrote on Twitter.
Some investors have questioned if Musk is too preoccupied to properly operate his electric vehicle automaker Tesla, in which he is actively involved in production and engineering. Musk’s $44 billion buyout of Twitter in October has been defined by upheaval and controversy.
After Twitter users chose for him to stand down in a poll that the billionaire started on Sunday night, Musk has now publicly acknowledged leaving his position as the social media platform’s CEO for the first time.
17.5 million individuals participated in the poll, and 57.5 per cent of them chose “yes.” Musk declared on Sunday that he will follow the outcomes. He has not specified a date for his resignation, and no replacement has been named.
Musk stated in a Twitter Spaces session that Twitter’s cash flow will achieve break-even in 2023, according to a tweet from Bloomberg on Wednesday.
Bloomberg claimed that Musk explained the forecast as a result of recent cost-cutting initiatives he has implemented on the social media site.
Wall Street has been calling on Musk to leave for weeks, and more recently even Tesla supporters have questioned his focus on social media and whether it would be a distraction from operating the EV manufacturer.
Musk has acknowledged that he has too much on his plate and that he will search for a new CEO of Twitter. But he claimed on Sunday that there was no one in place to take his place and that “no one wants the job who can actually keep Twitter alive.”