Elon Musk to resign as Twitter CEO as soon as replacement is found

By Ambar Warrick

Investing.com -- Elon Musk said on Wednesday that he will resign as the head of Twitter as soon as a replacement is found, just a few days after the results of a poll showed that a majority of respondents supported his ouster.

Musk said in a tweet that he will resign as soon as he finds someone “foolish enough to take the job.” He plans to run Twitter’s software and servers teams after a successor is found.

The search for a new Twitter CEO comes shortly after nearly 58% of 17.5 million respondents to a poll voted in favor of Musk’s resignation as the head of the social media platform. Musk, who had started the poll, said he would “abide” by the results.

The move also comes amid growing ire from Tesla Inc (NASDAQ:TSLA) shareholders over allegations that Musk is neglecting his duties at the electric carmaker. Tesla shares have plummeted in recent weeks, although the selloff was also partially driven by Musk offloading over $3 billion worth of shares.

The Tesla CEO recently admitted that he was juggling too many responsibilities due to the Twitter role, but has expressed doubts over being able to find a worthy successor for the position.

Several major figures have volunteered for the role, including National Security Agency whistleblower Edward Snowden.

Still, Musk’s takeover of the social media platform was rife with controversy as he fired a bulk of the platform's staff, and also after he led the restoration of several controversial accounts, including that of former U.S. President Donald Trump.

More recently, Musk drew flak after Twitter suspended the accounts of several journalists who were perceived to be critical of the Tesla CEO, as well as accounts tracking the real-time locations of him and other major public figures. The accounts were restored after a series of polls showed public support for their restoration.

Musk was also criticized for suggesting that only subscribers to the Twitter Blue service will be eligible to vote in policy-making decisions on Twitter. The Twitter CEO had earlier said that all major decisions on the social media platform will be decided by public vote.