Behind Elon Musk’s Resignation as Twitter CEO And What It Really Means

Elon Musk is finally stepping down. But when do people really start to celebrate?

Musk has finally announced that he will be stepping down from Twitter. But there’s a catch on all of this. 

Musk, who bought Twitter in late October of 2022 for an estimated $44 billion dollars, asked many of his followers online if he should step down from the platform. Many online were frustrated with new content moderation policies and the reinstatement of controversial high profile users like Kanye West. 

The survey, which garnered more than 17.5 million votes, had more than 57% of people agreeing that the Tesla founder should take a back seat with Twitter. With the results in, no one heard from Musk. 

Hours after the poll closed on Monday morning, users online were debating whether or not the poll gave a fair result. Some argued that only Twitter Blue users should be able to vote since the platform has been combatting a large amount of bots. Some accused this of bogging down the poll and giving unfair results.

In all of this, Musk responded with a simple “interesting” and later responded in the thread saying “Good point. Twitter will make that change.”

Then on Late Tuesday December 20th, Musk tweeted that he will indeed resign after finding a successor as chief executive. Musk stated “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.

Musk has made a lot of content moderation decisions for Twitter from polls in the past. Yet, a lot of these promises and predictions he has failed to keep. 

In the past, Musk tweeted that he had no successor and suggested that there would be no qualified individuals to lead the company. He tweeted “No one wants the job who can actually keep Twitter alive. There is no successor.”

In other companies of Musk from Tesla to Space X, Musk has appointed a key advisor for each business in his absence. Yet throughout his time at Twitter, the tech executive opted to run the company himself. At times, Musk borrowed many from his other companies to advise on legal and financial matters. 

Musk also relied on several Tesla and SpaceX employees to deal with technical issues as nearly 70% of the company was laid off. 

Many wonder if Musk’s new successor will make the platform even better as the tech executive will most likely own a majority of the company still and hold voting rights on an advisory board. Musk was recently in Qatar for the world cup with Jared Kushner and is seeking for a new investment in Twitter. After Musk sold roughly $3.6 billion of Tesla shares, his finance team has been sending off emails to new potential backers. 

Musk is asking $54.20 per share of the company, the exact price he paid, despite Musk claiming he paid twice as much as the platform is actually worth. According to the Information, more layoffs have happened at Twitter with roughly 50 employees from the infrastructure division were cut. Many are unsure of what other divisions will be affected by this or what cuts will come next. 

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