Elon Musk will step down as CEO of Twitter once a replacement is found

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Elon Musk has said that if he finds someone “foolish enough” to assume the role, he will resign as CEO of Twitter.

Prior to this, the multibillionaire pledged to act in accordance with the results of a Twitter poll in which 57.5% of participants supported his resignation from the position.

He asserts that he will continue to oversee the software and server teams even after a replacement has been found.

The platform’s changes since his takeover have received a lot of criticism.

Nearly half of the company’s employees have been let go since Mr. Musk acquired the social media platform in October. He also tried to introduce Twitter’s for-pay verification service before pausing it. The feature was reintroduced last week.

Elon Musk was criticised by the European Union and the United Nations on Friday for Twitter’s decision to suspend select journalists who write about the social media platform.

The UN stated that media freedom was “not a toy,” while the EU threatened Twitter with fines.

The survey, which was published on Sunday and asked if he should resign, has not yet elicited a response from the multibillionaire. According to Mr. Musk, it might be tough to find someone to take over the social networking site. Another Twitter co-founder, Jack Dorsey, is rumoured to be coming back and taking over as CEO. In November 2021, he resigned from his post as CEO.

As potential replacements, Sheryl Sandberg, the former COO of Facebook; Sriram Krishnan, an engineer and a close friend of Elon Musk; and Jared Kushner, a well-known US presidential adviser and Donald Trump’s son-in-law, have also been mentioned.

Investors have been pleading with Mr. Musk to go as the social media platform’s CEO for weeks, alleging that his attention has been diverted from running Tesla in an efficient manner.

The maker of electric vehicles’ stock has seen a more than 65% decline in value over the last year.

Mr. Musk sold shares in Tesla for billions of dollars in order to pay for his purchase, which contributed to the share price decrease.

Dan Ives of the financial services firm Wedbush Securities tweeted in response to Mr. Musk’s statement on Tuesday: “Finally a decent move in the right direction to address this dreadful nightmare situation for Tesla investors.”

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