Elon Musk says no successor in mind if he steps down as Twitter CEO

Why do a poll then?
Ameya Paleja
Twitter verified icon seen on mobile screen with Elon Musk
Twitter verified icon seen on mobile screen with Elon Musk

NurPhoto/Getty 

On Sunday evening, Elon Musk set up a poll asking Twitterati if he should step down from the position of CEO of the company. Hours later, millions of people had voted in their response, and more than 57 percent said he should. Musk, however, does not have a successor in place since nobody wants the job, Business Insider reported.

Musk put himself in the chair of Twitter CEO after acquiring the social media company after months of trying to back out from his original offer. When Musk walked into Twitter headquarters in October, he immediately fired the then-CEO Parag Aggarwal and other top executives. As the owner of the site, he fired the Board of Directors, and the company looked to Musk for direction.

It might be hard to believe that Musk has been in the chair for 53 days. So much has happened at Twitter, the company that usually stayed out of the limelight even as the content published by its famous users made the news. Since Musk walked in, Twitter has been the news either for the massive layoffs or the new ways to get a coveted verification mark if you are willing to shell out $8 a month.

The Elon Musk step-down poll

On Sunday, Twitter made it to the news again, as Elon Musk asked the Twitterverse if he should step down. Even as the world turned its attention to the football World Cup Final, Twitter was abuzz with votes pouring in for the poll. In the tweet, Musk added that he would abide by the poll results but has now maintained sullen silence over the results.

Interesting Engineering reported yesterday that he would maintain silence on the issue, partly because he was traveling back from Qatar in his private jet with a stopover in London (thanks to @Elonjet on Instagram) and landed back in Austin only seven hours ago.

However, even if Musk were in the U.S. all this while, he wouldn't have been busy conducting interviews to find his replacement. He has already spoken about the difficulty in finding a suitable successor.

In a court hearing last month, Musk had said that he intended to reduce his time at Twitter, but on Sunday, Musk added,

The money burn at Twitter

Since he decided to acquire Twitter, Musk has been selling his stake in Tesla and has sold over $23 billion worth of Tesla shares so far, Business Insider said in its report. While earlier the stake sale was to fund his Twitter purchase, Musk might have been forced to sell the stock to keep the social media site running.

Interesting Engineering has previously reported how the loan taken by Musk to fund Twitter's purchase requires the company to pay a billion dollars to the bank every year. With the rollout of the subscription service Twitter Blue still sketchy, Musk may be funding Twitter's survival using his own wealth.

After, the position Twitter is in now is Musk's own doing, and it will be hard to find a CEO who would want to take up the job when Twitter's books are in the red, subscriber levels deficient, and advertisers are pausing adverts abruptly.

Musk might as well blame the turn of events on the high-interest rates of the Federal banks, where money is hard to come by, and Tesla stock has lost more than 50 percent value. But there too, Musk's absence at Tesla is also a contributor, and Musk may need to rush back to save Tesla from sinking.

More than 24 hours since the poll closed, Musk hasn't said much about his successor at Twitter, and he might need to steady the boat he has rocked before he can pass the baton over.

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