Elon Musk stated Tuesday that he’ll nonetheless be in command of Twitter’s software program and server groups after he resigns his CEO seat to “somebody silly sufficient to take” it. He broke the news in a response to a ballot he ran earlier this week, the place round 58 % of respondents stated that he ought to step down as CEO.
On condition that the social networking website is especially made up of software program and servers (particularly after the large layoffs), it’s clear Musk will nonetheless have direct management over the corporate, even when he doesn’t have the specific CEO title. That’s not essentially a shock; Musk has de-facto management over product at most of his firms, and he’s nonetheless Twitter’s proprietor on the finish of the day. However the announcement seemingly means disappointment for anybody hoping that him stepping down as CEO would carry an finish to Twitter’s wild rollercoaster trip.
Whereas Musk has indicated that he’s primarily within the Twitter customers which might be prepared to pay him for the service, there are one other group of individuals he has to fulfill: Tesla shareholders. The corporate’s share value has been tumbling since Musk purchased Twitter, dropping virtually $100 in worth since November 1st, all the way down to round $137 when markets closed on Tuesday.
Musk has, several times, blamed the drop on interest rates making saving extra interesting than investing, however some Tesla shareholders have raised considerations concerning the firm’s engineers going to work at Twitter and the way Musk’s antics at Twitter replicate on his different firms. “The one downside is the optics of getting the CEO on Twitter each day discussing the issues of Hunter Biden,” stated Ross Gerber, a head of a agency invested in Tesla, in accordance with Enterprise Insider. Musk has additionally bought billions in Tesla inventory since he promised to stop doing that this spring (and again in the summer). It appears seemingly that a number of the cash from the Tesla selloff went to assist prop up Twitter.
Sadly for Tesla shareholders — a bunch that entails Musk, whose shares as soon as made him the world’s richest man till the inventory value slip value him that title — it doesn’t look like Musk intends on stepping away from Twitter any time quickly. Positive, whoever he will get as CEO could also be tasked with attempting to corral advertisers and policymakers, each of which have been suspiciously eyeing Twitter’s new administration. However in the case of the Twitter that persons are really utilizing, it appears like Elon will nonetheless be Chief Twit.