Elon Musk to step down as Twitter CEO after finding replacement
Elon Musk has said that he'll step down as Twitter CEO after finding a replacement.
Elon Musk will step down as the Twitter CEO, the world’s richest man has just announced. Musk said he would quit after finding a replacement. According to a Bloomberg source with knowledge of the situation, he is actively looking for a potential replacement
"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," Musk tweeted.
Musk’s Twitter post came as a reply to his earlier poll, where he asked people if he should resign as the head of Twitter. He also promised that he wouldI “abide by the results” of the poll. The result of the poll showed that 57.5% of respondents were in favour of Musk stepping down.
Musk will have to deal with growing worries from the FTC no matter how that search turns up. As a result of Musk's takeover, the federal government is expanding its probe into Twitter's privacy and data security policies, according to people with knowledge of the situation who spoke to Bloomberg.
Tesla stock has been suffering and Musk's wealth has been being drained by his pursuit and acquisition of Twitter, dethroning him from his position as the richest man in the world.
On December 20, The US Federal Trade Commission expanded its investigation into Twitter's handling of user data, and Southern California police requested information about a possible vehicle assault involving a member of Elon Musk's security detail. These developments added to Elon Musk's woes with Twitter.
Following the departure of more than half of Twitter's 7,500 employees and Musk's alienation of some users with his swiftly changing moderation policy decisions, Twitter has been losing advertisers like water. The social network platform has reportedly been in the fast lane to bankruptcy since May, according to a tweet from Musk earlier this week.
(With agency inputs)
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First Published:21 Dec 2022, 07:32 AM IST
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