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Business News/ News / World/  Elon Musk's Twitter poll closes, 57.5% vote to oust him as CEO; Tesla stock rallies
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Elon Musk's Twitter poll closes, 57.5% vote to oust him as CEO; Tesla stock rallies

About 57.5% votes were for ‘Yes’, while 42.5% were against the idea of Musk stepping down as the head of Twitter, according to the poll the billionaire launched on Sunday

FILE PHOTO: Tesla CEO Elon MuskPremium
FILE PHOTO: Tesla CEO Elon Musk

Twitter CEO Elon Musk had opened a poll, asking people's opinion if he should quit as the chief of the micro-blogging platform. The poll comes just a little over a month after the Tesla Chief concluded a deal to take over the company. 

In the poll, it was seen that more than half of the voters desired to see Musk step down as the chief of Twitter. More than half who took part in the poll voted in favour of the move. 

About 57.5% votes were for "Yes", while 42.5% were against the idea of Musk stepping down as the head of Twitter, according to the poll the billionaire launched on Sunday evening. Over 17.5 million people took part in the vote.

Elon Musk had said that he will abide by the results of the poll, but did not give details on when he would step down if results said he should.

Tesla shares soared in anticipation of Musk stepping back from Twitter. Tesla’s stock rose as much as 5.3% before the start of regular trading Monday. The shares have plunged 58% since Musk disclosed in early April that he’d taken a stake in Twitter, underperforming the 15% drop in the S&P 500 Index.

Tesla closed last week at a two-year low, costing Musk his position atop the Bloomberg Billionaires Index. While its CEO has been preoccupied with Twitter, the carmaker has been cutting prices and production in China and offering incentives for customers to take delivery of vehicles in the US.

Musk, who has lost his title as the world's richest person earlier this month, also founded tunnelling enterprise Boring Company, backs medical device company Neuralink and heads rocket company SpaceX.

Tesla investors have been concerned Musk has been spreading himself too thin following the Twitter deal.

Tesla has already lost nearly 60% of its value this year, as, like other carmakers, it battles supply chain issues and increasing competition in the EV space.

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.

Replying to one Twitter user's comment on a possible change in CEO, Musk said on Sunday "There is no successor".

The poll comes after Twitter's Sunday policy update, which prohibited accounts created solely for the purpose of promoting other social media firms and content that contains links or usernames for rival platforms.

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Published: 19 Dec 2022, 04:57 PM IST
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