Musk tweeted the information within the wake of a Twitter ballot in which 57.5% of voters said he ought to vacate the highest spot.
Elon Musk tweeted final night that he'll step down as Twitter CEO as quickly as he can “find somebody silly sufficient to take the job.”
The announcement got here simply over eight weeks into Musk’s turbulent tenure as head of the social media platform. He added that after discovering a replacement, he would “run the software program & servers teams” on the company.
Things got here to a head for the billionaire on Sunday. After a tumultuous few days in which Twitter banned each prominent journalists and the promotion of rival social media platforms — decisions that were subsequently reversed — Musk ran a Twitter ballot to find out whether or not he ought to keep on as Chief Twit.
The outcomes got here in on Monday morning. More than 17.5 million customers voted, and 57.5% said Musk ought to step down. He had said he would abide by the outcomes of the poll, however he waited round forty hours earlier than confirming that he would certainly vacate the CEO post.
No timeline for a replacement has but been announced, and Musk has beforehand warned that anybody wanting to run Twitter “must like ache a lot.” And whoever takes the helm of the company, which Musk bought for $44 billion, will have a tough road forward of them.
The firm has by no means been profitable, and Musk has warned that it's on the way to bankruptcy. During the billionaire’s controversial time as CEO, main companies have halted promoting on the site. The relaunch of Twitter Blue, a subscription service that Musk declared would be a revenue stream for the company, was delayed a quantity of times. Now that it's up and running again, it's unclear what quantity of individuals have subscribed.
And issues are mounting elsewhere for Musk, who's additionally the CEO of Tesla. A variety of high-profile investors have complained loudly that Musk’s erratic management of Twitter has adversely impacted the car company, whose share worth plummeted from almost $400 on the beginning of this year to simply $138 today. Because most of Musk’s wealth comes from his Tesla stock, he's no longer the world’s richest person.
Musk participated in a Twitter Space final night throughout which he said that Twitter’s future was improved by his leadership. “That is why I spent the final 5 weeks cutting prices like crazy,” he explained. “This firm is like, basically, you are in a plane that's headed towards the bottom at excessive speed with the engines on fire and the controls don’t work.”
