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Elon Musk is ready to step down as Twitter CEO: What will happen next



Elon Musk said he will resign as Twitter CEO as soon as he finds someone "foolish enough to take the job."

In Short

Elon Musk conducted poll asking users whether he should step down as the head of Twitter.

57 per cent of Twitter users said that he should step down.

Elon Musk says only a fool would take the job of Twitter CEO.

By LAKSHY DREAM FOUNDATION GLOBAL NEWS : Elon Musk has announced that he will resign as the chief executive officer (CEO) of Twitter, but that might take some time. After stepping down from the post, Musk will look after the software and servers teams, he announced on Twitter. This comes after Musk ran a poll on the platform, asking users whether he should step down as the CEO of Twitter. He also said that he would abide by the results, and nearly 10 million people selected "Yes." However, until now, the big question remained whether Musk would accept the results and if yes, then when.

In the tweet, Musk announced, "I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams." This followed a tweet where he seemed reluctant to step down. Instead, he agreed to a fan's tweet that said that only Twitter Blue subscribers should be allowed to vote on policy-related polls.

From these recent tweets, two things about Twitter's future are clear. Firstly, Musk will still have a crucial role to play as an owner and head of software and server teams. Given that a social media company heavily revolves around software and adverts, Musk will have de-facto control over the product (in this case, Twitter). We have already seen that happening since his takeover. For instance, Musk quickly revamped Twitter's verification system. Currently, Twitter is improving its Blue subscription, which now includes the legacy Blue badge. To avoid confusion (or confuse more), Twitter has a gold badge for business, a square badge for business affiliates, and a grey badge for government officials. Musk wants everyone on the platform to feel validated and have the free will to express opinions.

If we look at Musk's other ventures, he enjoys having close control of products and services.

Secondly, the new CEO will have the monumental task of reviving the platform. Since Twitter's owners and top execs changed in late October, many advertisers have pulled out their money, fearing that Twitter will put ads next to controversial posts. Some of the companies that pulled their money include General Mills, Pfizer, Audi, Volkswagen and Mondelez —the maker of Oreos. Apple and Amazon also paused on Twitter, but that changed. Musk even met Apple CEO Tim Cook at the Apple office in California. Therefore, the new CEO would have to be "foolish enough to take the job," as Musk describes.

For Musk, taking the role of Twitter CEO affected his net worth. As Tesla stocks plummeted, his net worth dropped significantly, and on some occasions, it fell below the $200 billion mark.

We will also have to see who could be the next CEO. A report suggests that Twitter could elevate Sriram Krishnan to the role. A close confidante of Musk, Krishnan has previously worked in major social media firms and is also an investor. Another name is associated with the role of Blake Masters, a venture capitalist. In fact, he even expressed some interest in what would change if he took the top job in a series of tweets.

To recall, Musk fired Parag Agrawal, then-CEO of Twitter, after taking the job. He also laid off top executives such as Financial Officer Ned Segal and legal chief Vijaya Gadde. He also laid off half of Twitter's workforce, which is over 3,500 employees.


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