Elon ought to step down as Twitter CEO By Reuters

© Reuters. FILE PHOTO: Elon Musk arrives on the In America: An Anthology of Style themed Met Gala on the Metropolitan Museum of Artwork in New York Metropolis, New York, U.S., Could 2, 2022. REUTERS/Andrew Kelly

By Nivedita Balu

(Reuters) -Twitter customers voted decisively in a ballot for Elon Musk to step down as chief government of the social media platform, a backlash in opposition to the billionaire lower than two months after he took over in what has been a chaotic and controversial reign.

Musk mentioned on Sunday he would abide by the outcomes of the ballot, however didn’t give particulars on when he would step down if outcomes mentioned he ought to. He had mentioned that there is no such thing as a successor but.

About 57.5% votes had been for “Sure”, whereas 42.5% had been in opposition to the thought of Musk stepping down as the pinnacle of Twitter, in line with the ballot the billionaire launched on Sunday night. Over 17.5 million folks voted.

“By Musk’s – and a few analysts’ assertions – drastic measures are wanted if Twitter’s enterprise mannequin is to stay viable. There’s an argument that with out Musk on the helm, it is going to be tough to seek out somebody with sufficient gusto to vary the course of Twitter’s ship,” mentioned Sophie Lund-Yates, analyst at Hargreaves Lansdown.

The ballot outcomes capped a whirlwind week that included modifications to Twitter’s privateness coverage and the suspension – and reinstatement – of journalists’ accounts that drew condemnation from information organizations, advocacy teams and officers throughout Europe.

Then on Sunday, Twitter banned accounts that promoted rival social media platforms corresponding to Fb (NASDAQ:) in a now-deleted tweet, drawing questions even from long-time Musk supporters, together with Twitter founder Jack Dorsey.

Field CEO Aaron Levie referred to as the coverage “simply unhappy.”

Since taking on in October, Musk swiftly fired high administration and hundreds of staff, seesawed on how a lot to cost for the social media agency’s subscription service Twitter Blue, and reinstated accounts banned beneath the earlier administration, together with that of former U.S. President Donald Trump.

On Sunday, Musk mentioned he would put all Twitter coverage modifications to vote through public polls, scary additional questions on his administration type and eager involvement within the social media agency, which has left some traders in Tesla (NASDAQ:) anxious that he’s distracted at a vital time for the electrical automaker.

Musk has been personally concerned in working-level selections from automotive styling to produce chain points, and mentioned final month he would cut back his time at Twitter, ultimately discovering a brand new chief to run it.

“Even Elon Musk’s largest detractors did not think about he could be making strategic selections by his freshly-acquired social media platform in a Twitter ballot however right here we’re,” mentioned Russ Mould, funding director at AJ Bell.

“For somebody who units a lot retailer by work ethic, Musk certain appears to spend so much of time on social media. With Tesla shares having greater than halved year-to-date, Musk must roll up his sleeves and get his predominant enterprise again on the highway.”

Tesla shares opened up about 2% on Monday, however later fell to recent two-year low of $145.82. The inventory has misplaced almost 60% of its worth this 12 months.


Replying to 1 Twitter person’s touch upon a potential change in CEO, Musk mentioned on Sunday “There isn’t any successor.”

“Nobody desires the job who can truly hold Twitter alive.”

Musk, who was seen on the soccer World Cup remaining in Qatar on Sunday, has not but responded to the outcomes of Monday’s ballot. Twitter didn’t instantly reply to a request for remark.

Twitter is now working a ballot on whether or not it ought to have a coverage stopping accounts that publicize different social media platforms.

The coverage replace would influence content material from Meta Platforms’ Fb and Instagram, together with Mastodon, Fact Social, Tribel, Nostr and Put up. It might enable cross-content posting, Twitter help had mentioned within the deleted tweet.

“That is the final straw. I quit. You could find a hyperlink to my new Mastodon profile on my web site,” mentioned Musk ally and startup fund Y-Combinator founder Paul Graham. Mastodon is a social community that has been touted as a Twitter various.

Twitter suspended Graham’s account after his put up, however later reinstated it.

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