Elon Musk Says He Will Quit As Twitter CEO as Tesla Value Plunges

by contentwriter

Author: Matt Shanks

During his irregular two-month term as Twitter’s CEO, Elon Musk announced that he would stand down once he found a replacement. “I will resign as CEO as soon as I find someone foolish enough to accept the job!” “After that, I’ll run the software and servers teams,” Musk said on Tuesday.

Despite apparently relinquishing the CEO, Musk will retain complete control over Twitter, the social network he acquired in a $44 billion debt-laden deal. Musk previously stated that he intended to select a permanent CEO for Twitter.

Elon Musk Change the Rules.

Musk had appointed himself as CEO of Twitter, his favorite social network. Musk confessed “overpaying” after sacking former CEO Parag Agrawal and other top executives. In addition, the digital titan laid off half of Twitter’s workers, claiming it lost up to $4 million daily. It forced hundreds more out the door after demanding they agree to “extremely hardcore” working conditions.

Musk, as CEO of Twitter, has made some rash actions. It has included changing the company’s usage policies on the fly and suspending the Twitter accounts of several journalists. Musk claimed it was because they “doxxed” him by posting his “exact real-time location.”

Recently, Twitter introduced a new policy that states account advertising on other platforms, such as Facebook, Instagram, Mastodon, and Trump’s Truth Social, would be suspended. Later on, Twitter deleted the new “Promotion of Alternative Social Platforms Policy” page on the support site. Musk said on Twitter that he would amend the policy. The new rule will suspend an account when users promote competitors, which falls under the no-spam rule.

Musk utilized this new rule to ban Washington Post tech journalist Taylor Lorenz’s account on Saturday before restoring it the next day. (Musk earlier stated that Lorenz was banned for “prior doxxing activities,” but she has said she has never doxxed anybody on Twitter or anyplace else.)

Price Increase at the Beginning of Management

Right after the deal with Twitter closed on October 27, 2022 Musk quickly raised the prices of Twitter Blue and added the benefit of “verified” blue ticks for followers.

That was a mistake, as Twitter became inundated with celebrity scammers and corporate spoof accounts that seemed genuine.

Who Will be the new Head of Twitter?

Musk associates David Sacks, a former PayPal executive, and Jason Calacanis, a computer entrepreneur, have been mentioned as potential CEO candidates.

Musk stated that he wanted to avoid remaining at the leadership of Twitter and that minimizing his time commitment was always his intention.

“An initial burst of activity is needed post-acquisition to restructure the firm,” Musk stated in November during a trial over his compensation at Tesla. “Over time, I’d find someone else to operate Twitter.”

Tesla Value Plunges

Tesla shares fall by 1-2 percent every day. Then there’s the matter of how much harm the Twitter scandal has done to Tesla’s brand. During his brief term as CEO, Musk dismissed thousands of employees. Moreover, he blocks journalists while enabling Donald Trump and other previously banned accounts to resurface. He advocated for the arrest of Dr. Anthony Fauci, supported conspiracy theories, and made anti-trans remarks.

It may have pleased some, but it irritated others, mainly liberals who would be ready to pay a premium for a more ecologically friendly vehicle.

Bottom Line

Based on the daily drop-in Tesla shares, it seems Elon Musk is spoiling his reputation on Twitter. He blocks journalists, then presents new Twitter rules. May be Elon Musk did not calculate his strength when he decided to become the CEO of Twitter and adjust everything to his order.

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