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Elon should step down as Twitter CEO



© Reuters. FILE PHOTO: Elon Musk arrives in the US: Met Gala themed fashion anthology Met Gala at the Metropolitan Museum of Art in New York City, New York, U.S., May 2, 2022. REUTERS/Andrew Kelly

By Nivingita Balu

(Reuters) -Twitter users voted unequivocally in a poll for Elon Musk to step down as chief executive of the social media platform, a backlash against the billionaire less than two months after he took over a tumultuous and controversial dynasty.

Musk said on Sunday that he would follow through with the poll’s results, but gave no details on when he would step down if the results suggested he should. He has said that there is no successor yet.

About 57.5% voted for “Yes,” while 42.5% opposed the idea of ​​Musk stepping down as head of Twitter, according to the billionaire’s poll released Sunday night. More than 17.5 million people voted.

“According to Musk – and some analysts – drastic measures are needed if Twitter’s business model is to survive. It is argued that without Musk at the helm, it would be difficult to find. Get someone enthusiastic enough to change the direction of Twitter ships,” said Sophie Lund-Yates, analyst at Hargreaves Lansdown.

Poll results capped a tumultuous week that included changes to Twitter’s privacy policy and the suspension – and reinstatement – of journalists’ accounts that drew condemnation from critics. news organisations, advocacy groups and officials across Europe.

Then on Sunday, Twitter banned accounts promoting rival social media platforms like Facebook (NASDAQ:) in a now-deleted tweet, prompting longtime Musk supporters to question, including including Twitter founder Jack Dorsey.

Box CEO Aaron Levie called the policy “sad.”

Since taking over in October, Musk has rapidly fired senior management and thousands of employees, pondered how much to pay for the social media company’s Twitter Blue subscription service, and reinstated it. restore banned accounts under previous management, including that of former US President Donald Trump.

On Sunday, Musk said he would put all of Twitter’s policy changes to a vote through public polls, raising more questions about his management style and deep involvement. into the social media company, which has some investors in Tesla (NASDAQ:) worried that he’s distracted at a crucial time for the electric carmaker.

Musk has been directly involved in job-level decisions, from car styling to supply chain issues, and last month said he would reduce his time at Twitter, eventually finding a new leader to run it.

Russ Mold, chief investment officer at AJ Bell, said: “Even Elon Musk’s most detractors could not imagine that he would make strategic decisions through the newly acquired social media platform. back in a Twitter poll, but here we are.”

“For someone who values ​​such work ethic, Musk certainly spends a lot of time on social media. With Tesla stock having more than halved year-to-date, Musk needs to roll up his sleeves and move on. get his main business back on track.”

Tesla shares opened up about 2% on Monday, but then fell to a new two-year low of $145.82. The stock has lost nearly 60% of its value this year.

‘NO SUCCESSFUL PEOPLE’

Responding to a Twitter user’s comment about a possible CEO change, Musk said on Sunday: “There is no successor.”

“Nobody wants the job that can actually keep Twitter alive.”

Musk, who was seen at the World Cup soccer final in Qatar on Sunday, has yet to respond to the results of Monday’s poll. Twitter did not immediately respond to a request for comment.

Twitter is currently conducting a probe into whether it should have a policy to prevent accounts from advertising other social media platforms.

The policy update will affect content from Meta Platforms’ Facebook and Instagram, along with Mastodon, Truth Social, Tribel, Nostr, and Post. It will allow cross-posting, Twitter support said in the deleted tweet.

“This is the last straw. I give up. You can find a link to my new Mastodon profile on my website,” said Musk ally and Y-Combinator startup founder Paul Graham. , said. Mastodon is a social network that has been touted as an alternative to Twitter.

Twitter suspended Graham’s account after his post, but later reinstated it.



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