Elon Musk stated Tuesday that he’ll nonetheless be in control of Twitter’s software program and server groups after he resigns his CEO seat to “somebody silly sufficient to take” it. He broke the information in a response to a ballot he ran earlier this week, the place round 58 % of respondents stated that he ought to step down as CEO.
Provided that the social networking web site is especially made up of software program and servers (particularly after the large layoffs), it’s clear Musk will nonetheless have direct management over the corporate, even when he doesn’t have the express 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 carry an finish to Twitter’s wild rollercoaster journey.
Whereas Musk has indicated that he’s primarily within the Twitter customers which can 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 value has been tumbling since Musk purchased Twitter, dropping nearly $100 in worth since November 1st, right down to round $137 when markets closed on Tuesday.
Musk has, a number of instances, blamed the drop on rates of interest 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 replicate 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, based on Enterprise Insider. Musk has additionally offered billions in Tesla inventory since he promised to cease doing that this spring (and once more in the summertime). It appears seemingly that a number of the cash from the Tesla selloff went to assist prop up Twitter.
Sadly for Tesla shareholders — a bunch that entails Musk, whose shares as soon as made him the world’s richest man till the inventory value slip value 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 making an attempt to corral advertisers and policymakers, each of which have been suspiciously eyeing Twitter’s new administration. However in relation to the Twitter that persons are really utilizing, it feels like Elon will nonetheless be Chief Twit.