Musk will step down as successor to Twitter’s CEO after finding himself “stupid” enough

Musk will step down as successor to Twitter's CEO after finding himself "stupid" enough
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Dec 20 (Reuters) – Billionaire Elon Musk said on Tuesday he would step down from Twitter Inc after finding a successor as chief executive but would still run some key divisions of the social media platform.

Musk tweeted: “As soon as I find someone stupid enough to take the job, I’ll step down as CEO! From now on I’ll just manage the software and server teams.”

Musk’s $44 billion takeover of Twitter in October was marred by chaos and controversy, with some investors questioning whether he was trying too hard to properly steer electric car maker Tesla Inc. (TSLA.O)in which he is personally involved in manufacturing and engineering.

This marks the first time Musk has stepped down as head of the social media platform after Twitter users voted for the billionaire to resign at a poll on Sunday evening.

Reuters graphics

57.5% of nearly 17.5 million people voted “yes” in the survey. Musk said on Sunday he would follow the results. He did not provide a time frame for when he would step down, and a successor has not been named.

The poll’s findings capped a whirlwind week that included changes to Twitter’s privacy policy and the suspension and reinstatement of journalists’ accounts, drawing condemnation from news organizations, advocacy groups and officials across Europe.

Musk predicted Twitter’s cash flow would break even in 2023, Bloomberg reported, citing comments made at a Twitter Spaces session on Wednesday.

Bloomberg wrote on Twitter that Musk attributed the prediction to the social media platform’s recent cost-cutting measures.

Calls for Musk’s resignation have mounted on Wall Street for weeks, and recently even Tesla bulls have questioned his focus on the social media platform and how it could distract him from running the EV maker.

Musk said he has a lot on his plate and will be looking for a Twitter CEO. He said on Sunday that there is no successor and that “nobody wants the job that could keep Twitter alive.”

Reporting by Ann Maria Shibu and Juby Babu in Bengaluru; Edited by Anne Marie Roantree and Christopher Cushing

Our standards: Thomson Reuters Trust Principles.

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