Elon Musk says he will step down as Twitter CEO when he finds a successor

Musk is looking for ''someone foolish enough to take the job'.'
Ameya Paleja
Elon Musk

Elon Musk has finally broken his silence on the Twitter poll he ran on Sunday. Nearly two days after he asked people if he should resign as Twitter CEO, Musk tweeted a response to the poll results, where a majority replied positively.

As Twitter CEO, Musk has run a fair number of Twitter polls to make decisions at the social media company. One such poll was used to decide if former President Donald Trump's account must be reinstated, while another enquired if the social media company should bring back its video-sharing app, Vine.

Musk, who has abided by the Latin phrase, "vox populi, vox dei", which roughly translates to "voice of the people, voice of God" in such scenarios, clearly made an exception for himself, when it came to the recent poll results

A successor foolish enough

With the acquisition of Twitter in October and the firing of its top brass, Musk became the CEO of a total of five companies, all engaged in very different industry segments. However, Musk has spent most of his time trying to fix Twitter. This has meant firing more than half its workforce, asking the remaining workforce to work intensely, and even ending free lunches at the organization, which apparently cost $400 a meal, Business Insider said in its report.

Amidst all this, Musk is trying to relaunch Twitter Blue, a subscription service that gives users access to premium features and one that can reduce the company's dependence on advertising for its revenues. None of these events have been smooth sailing, and many look at Musk's lack of experience in managing social media as the cause of the churn.

On Sunday, Musk also tweeted that he is yet to find someone who wants to keep Twitter alive, and this is likely a result of Musk's actions.

Twitter's large payouts

Musk's acquisition of Twitter has been partially funded by selling his Tesla stock, while the remaining parts have come from loans raised from banks. Interesting Engineering has previously reported that the annual payments for these loans exceed a billion dollars, and Musk's actions are aimed at reducing operating costs and increasing revenues.

In his push for free speech, Musk alienated advertisers on the platform, and the recent spate of ad hoc policy implementations has resulted in irate users too. With so much happening at Twitter and so much needed to get the company back on track, Musk would really need someone foolish enough to step up and take on this challenge, and his recent tweet confirms that.

For now, Musk has been managing the show with borrowed help from his other companies, and it would perhaps take another round of investments to ease the pressure of payments on the organization, after which seasoned tech personnel would be willing to don the CEO hat at Twitter. The New York Times reported that Musk's home office has been reaching out to potential new investors to pick up a stake in the social media site.