Elon Musk announced that he plans to step down from Twitter by the end of this year.
Elon Musk, CEO of Twitter
Elon Musk acquired Twitter in 2022 and, in December, released a poll asking the public if they thought he should step down from the CEO position. In that poll, 57% of users voted in favor of him stepping down. Although Elon plans to go through with the process, finding somebody to succeed him will be tough.
Initially, Elon wanted to back out of his purchase of the Twitter platform, but after acquiring her, he claimed that he planned to reduce his time at the Twitter offices and his role within the company.
Musk recently claimed that he has given himself until the end of 2023 to “stabilize the organization and just make sure it’s in a financially healthy place and the product road map is clearly laid out.” After he has accomplished that, he would relinquish the CEO position to somebody else he believes can fit the role best.
Since the introduction of Twitter Blue, the company reportedly hasn’t made substantial money from subscriptions. Ad revenue has significantly declined, which raises some concern for the $12.2 billion left in outstanding loans that hang over the company. Musk has tried his best to raise money to fund loan repayments.
Even though Elon owns three different companies, he has said that Tesla and SpaceX require much less of his time than Twitter. That being said, shifting his focus from Twitter will help him dedicate more time to his other obligations.
Recently, Tesla stock saw a nearly 2% surge, which helped alleviate some of the pressure Musk feels. Hopefully, Elon’s other companies can continue to see substantial growth. That way, he can take his time in finding somebody that would be an excellent CEO for the future of Twitter.