Musk Stays Silent Eight Hours After Ballot Supporting His Resignation As Twitter CEO Ends
Topline
Elon Musk has but to handle the outcomes of his ballot wherein tens of millions of Twitter customers stated they need the billionaire to resign as Twitter CEO, in what could possibly be a weird however becoming finish to the billionaire’s two-month tenure on the helm of the social media firm.
Elon Musk (heart) at Sunday’s World Cup Closing.
The Key Info
Musk tweeted a ballot Sunday night asking if he ought to step down as Twitter’s head honcho and promised to “abide” by the outcomes.
Customers overwhelmingly supported his resignation, as 57.5% of the 17.5 million respondents voted in favor of Musk’s ouster, with the outcomes finalizing Monday at 6:20 a.m. EST.
Musk hasn’t posted since Sunday night time, after which he was unable to put up. shared a number of cryptic posts about Twitter’s doomed future with out him in cost after which questioned the media’s alleged lack of consideration towards crossings on the U.S.-Mexico border in a 9 p.m. put up Sunday, his most up-to-date exercise on the location.
The Key Background
Musk bought Twitter for $44Billion in April. The deal was negotiated after he tried unsuccessfully to tug out six months later. Musk instantly fired Twitter’s incumbent CEO Parag Agrawal and put in himself within the put up, additionally sacking most different executives and shrinking Twitter’s complete headcount by over 50%. An avowed critic of Twitter’s content material moderation and alleged liberal “bias,” Musk shortly reinstated many beforehand banned customers, largely with far-right politics. However Musk’s dedication to “free speech absolutism” got here into query final week after Twitter suspended a well-liked account monitoring the placement of Musk’s personal jet and the accounts of a number of journalists important of Musk and banned hyperlinks to different social media websites (a number of the journalists’ accounts have been restored). Quite a few Twitter advertisers halted adverts on the location throughout Musk’s reign, an enormous blow to the corporate’s backside line contemplating adverts accounted for greater than 90% of Twitter’s income earlier than it went personal.
What We Don’t Know
It’s not clear who could be the subsequent CEO of Twitter. Musk’s resignation and firing of different prime officers leaves the corporate with an enormous energy vacuum. Musk tweeted Sunday he has not chosen a successor, claiming, “Nobody needs the job who can really hold Twitter alive.”
The Essential Quote
“Those that need energy are those who least deserve it,” Musk posted Sunday. It’s unclear who Musk, additionally the CEO of the world’s most respected carmaker Tesla and the personal $140 billion aerospace agency SpaceX, was referring to. Musk claimed in Delaware courtroom final month he didn’t “need to be CEO of any firm,” additionally testifying he deliberate to “discover any person else to run Twitter over time.”
Large Quantity
61%. That’s how a lot Tesla shares fell since Musk disclosed he took a majority stake in Twitter on April 4, far outpacing the S&P 500’s 17% decline in the course of the interval. Tesla shares rose to 4.7% on Monday pre-market, earlier than dropping 0.1% per day amid broader promoting.
Chief Critic
“This has been a black eye second for Musk,” Wedbush analyst Dan Ives wrote in a Monday notice to shoppers. Musk is “lastly studying the room” if he resigns and refocuses his consideration on the “golden baby Tesla,” Ives stated. Musk has bought Tesla inventory price $22.9 billion since his first settlement to buy Twitter. This fueled the decline of Tesla as traders grew to become disillusioned with Musk’s give attention to the social media big.
SME Valuation
Musk is estimated to have a web price of $163.6 billion. He trails solely Bernard Arnault, a French luxurious tycoon.
Further Studying
Tesla inventory surges in pre-market after Musk gives to step down as CEO of Twitter (SME)
Musk Requested Twitter Customers If He Ought to Step Down As CEO—Most Voters Stated ‘Sure’ (SME)
