Elon Musk confirms that he will step down as Twitter CEO, but will he really step down? Not exactly- Technology News, Firstpost

Mehul Reuben DasDec 21, 2022 08:44:09 IST

Elon Musk has announced that he will be stepping down as the CEO of Twitter and abide by the results of the poll he had put up, asking if he should continue managing the social media platform. Of all the people who voted in the poll, over 57 per cent voted for him to step down.

Taking to Twitter, 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,”

Although Musk has often claimed that he does not want to be the CEO of any of his companies, this is the first instance of him publically saying that he doesn’t want to be the CEO of Twitter.

Musk stepping down as the CEO of Twitter has more layers to it than it seems. Recently, the tech mogul met up with a number of potential investors from Saudi Arabia and Qatar in a meeting that Donald Trump’s son-in-law, Jared Kushner brokered. The Saudis, apparently, have agreed to invest in Twitter, provided Musk steps down as CEO.

Ever since Musk took over Twitter, Tesla’s stocks have plummeted. The fall hit critical mass in recent weeks when he went after a group of journalists covering him and his activities in managing Twitter. Wall Street calls for Musk to step down had been growing for weeks and recently especially when his own fan base and investors at Tesla have questioned his focus on the social media platform and whether that is distracting him from properly steering the electric vehicle business, where he is central to product design and engineering.

Musk has himself admitted he had too much on his plate, and said he would look for a Twitter CEO. He said on Sunday, though, that there was no successor and that “no one wants the job who can actually keep Twitter alive.”

Elon Musk stepping down as the CEO may not be as big a change as people hope it to be, What his stepping down as CEO means, is that he won’t be the man leading the company, at least officially. By leading the software & servers teams, Musk will be basically taking all the calls, even related to the various policies – it’s just that Musk won’t seem to be at the helm of things. In reality though, whoever Musk appoints as the CEO may turn out to be a puppet figure at best, or maybe a scapegoat even, in the possibility that Twitter goes bankrupt.