Musk To Step Down As The Head Of Twitter, 57.5% Voted Against Him As The CEO

Elon Musk launched a poll on Twitter on Sunday night: "Should I resign as Twitter CEO?" America's hottest topic. Today, the voting channel is closed, with 57.5% of votes in favor and 42.5% of votes against. More than 17.5 million people voted.

Should I step down as head of Twitter? I will abide by the results of this poll.

— Elon Musk (@elonmusk) December 18, 2022

Musk said on Sunday he would abide by the vote. But did not elaborate on when he would step down if voted to do so.

Two months ago, Musk bought Twitter for $44 billion and served as Twitter CEO himself. After taking over Twitter, he started a drastic reform and has fired thousands of people.

Shares of Tesla Inc., the electric car maker led by Musk, rose about 5% in premarket trading.

Musk, who lost his title as the world's richest man earlier this month, also founded the tunneling business Boring Company, backed medical-device company Neuralink and leads rocket company SpaceX.

Tesla investors have been concerned that Musk has worn himself out after the Twitter deal.

Tesla 's stock has lost nearly 60% of its value this year as it, like other automakers, struggles with supply chain issues and growing competition in the electric vehicle space.

"It appears that Musk's reign as Twitter CEO will come to an end, which would be a major positive for Tesla stock," Wedbush analyst Dan Ives said in a note.

"Musk is Tesla and Tesla is Musk."

Tesla is listed as one of the top automakers in the world, delivering approximately 1 million vehicles a year. But recent logistical challenges, coronavirus-related lockdowns, higher borrowing costs and a gloomy outlook for global growth have all raised concerns.

Last month, Musk told a Delaware court that he would reduce his time at Twitter and eventually find a new leader to run the social media company.

"No successor yet," Musk said Sunday in response to a Twitter user's comment about a possible CEO change.

The vote followed an update to Twitter's policy on Sunday, which bans accounts created solely for the purpose of promoting other social media companies, as well as content that includes links or usernames from rival platforms.