Elon Musk said on Tuesday, December 20, 2022, that he will stand down as CEO of Twitter after choosing a replacement.
Business: “I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams,” Mr. Musk wrote on Twitter.
This is the first time Mr. Musk has suggested stepping down as CEO of the social media site after Twitter users overwhelmingly voted for him to step down in a poll sponsored by the billionaire on Sunday, December 19, 2022, evening.
For weeks, Wall Street has been calling for Mr. Musk to step aside, and even Tesla Inc bulls have questioned if his focus on the social networking platform is diverting him from effectively managing the electric vehicle industry, where he is essential to product design and engineering.
I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams.
— Elon Musk (@elonmusk) December 21, 2022
Mr. Musk has conceded that he has too much on his plate and has stated that he would look for a Twitter CEO. However, he stated on Sunday that there is no replacement and that “no one wants the position that can truly keep Twitter alive.”