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Musk Asks Twitter Users If He Should Step Down As CEO—And Most Voters Are Saying ‘Yes’

Musk Asks Twitter Users If He Should Step Down As CEO—And Most Voters Are Saying ‘Yes’

Topline

A majority of Twitter users polled by Elon Musk voted in favor of him stepping down as the social media company’s CEO after both the billionaire and Twitter faced major backlash about recent rule changes and banning of prominent journalists from the platform.

FILE – Elon Musk has asked Twitter users if he should step down as the company’s CEO in a poll.

Copyright 2020 The Associated Press. All rights reserved.

Key Facts

More than 17.5 million users voted on Musk’s pollthe results of which he has promised to abide by, which closed early on Monday with more than 57.5% of respondents calling on him to step down as CEO.

Before sharing the poll, Musk announced that Twitter users will now have the chance to vote on all major policy changes at the platform, as he apologized about Twitter’s latest controversial move that banned users from posting links to other social media sites including Facebook, Instagram, Mastodon and several others.

In line with Musk’s promise, the official @twittersafety account is asking users if the platform should go forward with the policy to ban links from competing social media sites.

With more than 180,000 votes cast, more than 86% of respondents are opposed to this policy.

News Peg

Musk’s offer to step down as Twitter CEO comes as several investors at Tesla have questioned his commitment to the electric vehicle company.

Tangent

Tesla’s shares have slumped in value by more than 51% in the past three months and 33% since Musk’s takeover of Twitter in late October. One of the most public pushbacks against the Tesla CEO came from billionaire Leo Koguan, who is a self-professed Elon Musk “fanboy” and claims to be the third largest Tesla investor in the world. Last week, Koguan tweeted Musk had “abandoned Tesla” and the electric carmaker had “no working CEO” while implying that the company’s board should try to replace Musk with a “working full time CEO.” Koguan appeared to soften his stance slightly on Sunday, saying he wished Musk would stay on as Tesla CEO and find someone else to take over the reins at Twitter. In the past twelve months, Musk has sold nearly $40 billion worth of Tesla shares—$7.5 billion of which have been sold since his acquisition of Twitter.

Crucial Quote

Future Fund Managing Partner Gary Black, who is a noted Tesla bull, tweeted: “I have to believe [Tesla] outside directors are putting pressure on Elon to give up his role as [Twitter] CEO. It’s hard to ignore the numbers since [the] Twitter deal closed on 10/27.”

Forbes Valuation

According to our estimates, Musk’s net worth stands at $163.7 billion, which is a steep decline from a peak of $320 billion in November 2021, largely due to the poor performance of Tesla’s stock. Last week, Musk ceded the title of the world’s richest person to Bernard Arnault, CEO of luxury goods conglomerate LVMH—and the gap between their wealth has continued to grow.

Further Reading

Musk Sells Nearly $3.6 Billion In Tesla Stock—Moves Further Away From Richest Person Title (Forbes)

Twitter Announces Ban On Promoting Other Social Media Sites In Latest Controversial Move Since Elon Musk’s Takeover (Forbes)

Read More

Francis Wood

Francis Wood is a Journalist at Flaunt Weekly Covering Business News.

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