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 p.c of respondents stated that he should step down as CEO.
Provided that the social networking website is principally made up of software program and servers (particularly after the massive 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 corporations, 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 deliver an finish to Twitter’s wild rollercoaster ride.
Whereas Musk has indicated that he’s primarily within the Twitter customers which might be keen to pay him for the service, there are one other group of individuals he has to fulfill: Tesla shareholders. The corporate’s share price has been tumbling since Musk purchased Twitter, dropping nearly $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 issues concerning the firm’s engineers going to work at Twitter and the way Musk’s antics at Twitter mirror on his different corporations. “The one drawback 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, according to Business Insider. Musk has additionally sold billions in Tesla stock since he promised to stop doing that this spring (and again in the summer). It appears seemingly that among the cash from the Tesla selloff went to assist prop up Twitter.
Sadly for Tesla shareholders — a bunch that includes Musk, whose shares as soon as made him the world’s richest man till the inventory worth slip cost him that title — it doesn’t appear to be Musk intends on stepping away from Twitter any time quickly. Certain, 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 with regards to the Twitter that individuals are really utilizing, it seems like Elon will nonetheless be Chief Twit.