Business Essentials for Professionals


Majority Of Elon Musk’s Twitter Followers Do Not Want Him As Twitter Chief, Shows A Musk-Conducted Pool

Majority Of Elon Musk’s Twitter Followers Do Not Want Him As Twitter Chief, Shows A Musk-Conducted Pool
Less than two months after taking over as CEO of the social media platform, Elon Musk faced backlash from Twitter users who voted in a poll for him to resign.
According to the poll the billionaire started on Sunday night, about 57.5% of votes were in favor of Musk stepping down as the CEO of Twitter, while 42.5% were opposed. There were over 17.5 million voters.
Musk declared on Sunday that he would follow the poll's findings, but he did not specify when he would resign if the findings called for it.
In premarket trading, shares of Tesla Inc., the electric vehicle manufacturer that Musk leads, were up about 3% at $154.70.
The poll is the most recent development in Musk's chaotic tenure as Twitter CEO since October, which has included firing thousands of employees and members of top management at a rapid clip, haggling over how much to charge for Twitter Blue, a subscription service, and restoring banned accounts like that of former US President Donald Trump.
Investors in Tesla have expressed concern that Musk has become overextended as a result of the Twitter deal. Musk also oversees SpaceX and finances the manufacturer of medical devices Neuralink.
As it struggles with supply chain issues and escalating competition in the EV market, like other automakers, Tesla shares have already lost nearly 60% of their value this year.
"If he (Musk) does decide to step down, that could inject Tesla shares with a temporary shot of optimism, amid hopes he might finally pay the carmaker the attention it needs," Susannah Streeter, an investment and market analyst with Hargreaves Lansdown, said.
Tesla is regarded as one of the top automakers in the world, but recent logistical difficulties, lockdowns because of the pandemic in China, higher borrowing costs, and a gloomy outlook for global economic growth have raised questions.
Last month, Musk testified in front of a Delaware court that he would work less at Twitter and eventually find a new CEO.
Musk responded on Sunday to a Twitter user's remark about a potential change in the CEO by saying, "There is no successor."
"No one wants the job who can actually keep Twitter alive."
Musk, who was spotted at the World Cup soccer final on Sunday in Qatar, has not yet commented on the poll's findings as of this writing. A request for comment from Twitter did not immediately receive a response.
"Elon", "CEO of Twitter", "vote Yes" and "vote No" were among the trending topics on the social media platform on Monday.
The survey is in response to Twitter's Sunday policy change, which forbade the creation of accounts solely for the purpose of promoting rival social media companies as well as the posting of content that contains links to or usernames for those platforms.

Christopher J. Mitchell

Markets | Companies | M&A | Innovation | People | Management | Lifestyle | World | Misc