Elon Musk to Resign as Twitter CEO

Elon Musk, CEO of SpaceX and Tesla Inc., Photo Date: October 10, 2019

Elon Musk tweeted on Wednesday that he would step down as the Twitter CEO as soon as he finds someone else “foolish enough to take the job.”

This was his response to his own poll, in which he asked users whether he should step down as head of the company.

More than 10 million people, or 57.5 percent of respondents, voted that he should leave the position.

However, he still wants to be in charge of the software and server teams of Twitter’s key areas, which will let him make decisions about the app.

He had previously said he would abide by the results of the informal poll, which he launched after even some of his own allies criticized some of Twitter’s recent policies.

Chaos and instability have often characterized Musk’s time as Twitter’s CEO. The billionaire reportedly fired hundreds of staff, disbanded an independent committee in charge of internet safety, and restored notable banned accounts, such as former President Donald Trump. 

Musk’s actions have upset a lot of Twitter users and advertisers, which puts at risk the company’s main source of income. Given the elevated degree of customer concern following Musk’s takeover, some companies have cut their Twitter advertising spending.

When he attended a Twitter Spaces audio conversation on the same day, he said that before he took over, the firm was projected to have a “negative cash flow position” of $3 billion annually.

“That’s why I spent the last five weeks cutting costs like crazy,” Musk said.

He also said he had met with several Twitter advertisers and called their requests “reasonable.” 

Musk added that he expects Twitter’s cash flow to break even next year, citing his intentions to cut expenditures and charge customers for some services.

That’s the reason for my actions. They may seem sometimes spurious or odd or whatever — it’s because we have an emergency fire drill on our hands. That’s the reason.

Elon Musk

Musk today on Twitter retweeted a data he described as “product improvements coming to financial Twitter!”

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