Elon Musk announced his intention to retire as CEO of Twitter in a tweet on Tuesday after a vote suggested most users want him to step down.
Musk tweeted the statement in response to a poll started on Sunday. The CEO asked users whether he should step down. Most of the respondents (58 percent) were in favour.
Musk’s remarks aren’t legally enforceable. Furthermore, it’s unclear what exactly the responsibilities of a new CEO would be with a dominant personality like Musk remaining the company’s owner.
Musk has yet to suggest or announce a replacement. In November, the CEO hinted he may have to file for bankruptcy to repay the $13 billion debt borrowed from banks to finance the acquisition.
Since purchasing Twitter for $44 billion, Musk’s net worth has declined to the point where he’s no longer the world’s richest man.
In less than two months after acquiring and privatizing the company, the CEO has sacked a senior executive team, slashed personnel and driven away major advertisers.
Will Twitter survive?
Wall Street has been calling for Musk to step down for weeks. Tesla investors recently questioned whether the CEO’s obsession with the social networking platform is diverting him from managing the electric car company. Musk confessed he had too much on his plate in a Delaware court.
Prior to his latest tweet, Musk responded to the poll by claiming that bogus accounts affected the results. After a user suggested that only Twitter Blue members should be allowed to participate in polls, Musk commented that Twitter would “make that change”. A Twitter Blue subscription costs about €10 per month.