Elon Musk vows to resign as Twitter CEO on one condition
Musk says he needs to find someone ‘foolish enough' for the job
➡️ The Shortcut Skinny: Fools rush in
🙋 Musk says looking for someone foolish enough to take over
🧑💻 He will stay on and oversee software and server teams
👉 A short bout as CEO was always the plan
🔋 Tesla stock saw a slight post-tweet boost, but trading remains rocky
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Elon Musk says he’ll resign as Twitter CEO and focus on software and server teams at the company, according to a new tweet, however, he says he’ll have to find someone “foolish” enough to succeed him, he said in a late Tuesday tweet. This marks his shortest tenure as head of any company, though he’ll still own Twitter, making his word final, regardless of his title. Focusing on those two teams would also leave him directly in charge of arguably the most important product decisions at Twitter.
Though this follows Sunday’s decision by Musk to put his Twitter CEO job to a vote, it’s not an unexpected move for the tech mogul, who said recently he would only run the company a short time, anyway. We don’t know who’s next for the Twitter boss job, but at least we now have some confirmation that Musk is looking.
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Tesla stock may benefit
Musk’s promise stands stark against the backdrop of recent losses in Tesla stock, which has fallen more than 60% from its position at the beginning of the year. Shares of the publicly-traded company, which sat at $399.93 on January 3, 2022, hit a new low of just $137.80 in Tuesday’s trading. Musk’s statement seemed to bolster the stock a touch in pre-market trading, which had shares sitting at over $139 in pre-market trading, although as of this writing, shares have fallen below yesterday’s dismal close. It will take time to see the effect, if any, of the billionaire’s stated intention.
Tesla’s rocky performance has been trending generally lower since Musk initiated his bid to buy Twitter in April 2022, only rising when it seemed possible he wouldn’t follow through. It then falling steadily since late September, when he was slated for deposition in a Delaware court case around his attempt to renege on the deal.