Elon Musk isn’t serious in his desire to hand over power to a new CEO.
Musk announced on Tuesday that he will hand over control of Twitter’s server and software teams to “someone insane enough to take. Musk isn’t serious to hand over power to a new CEO.
“He made the disclosure in reaction to a survey he had earlier this week, in which nearly 58 percent of respondents said he ought to step down as CEO. But now Elon Musk isn’t serious to hand over power to a new CEO.
That shouldn’t be shocking considering that Musk effectively controls the product at most of his companies and owns Twitter fully.
Since Musk bought Twitter, the company’s stock price has been declining; since November 1st . it has lost nearly $100 in value, and as of Tuesday after markets closed . it was trading at roughly $137.
Microsoft fined EUR 60 million
Tesla stock plummets as investors worry about Twitter
Musk has often attributed the decline to interest rates making investment less enticing than saving, but some Tesla shareholders have expressed worry about the company’s engineers joining Twitter and how Musk’s behavior there may affect his other businesses. According to Ross Gerber, chairman of a company investing in Tesla, “the only issue is the optics of having the CEO on Twitter every day addressing the concerns. It is probable that part of the proceeds from the sale of Tesla went toward supporting Twitter.
Musk’s apparent lack of plans to quit Twitter anytime soon is problematic for Tesla owners, who include Musk, whose holdings once made him the richest person in the world before the stock price collapse robbed him of that title. It’s true that whoever he selects as Twitter’s CEO could face the challenging challenge of trying to manage the advertisers and decision-makers who have been nervously eyeing the company’s incoming leadership. When it comes to the Twitter that people actually use, Elon seems to be staying on as Chief Twit.