Elon Musk announced in December last year that he would step down as CEO of Twitter once a replacement was found, but he would continue to run some important divisions of the popular social network.
He tweeted at the time that he would step down as CEO once he found “someone stupid enough” to take over.
Elon Musk: “Good timing” to hire a new Twitter CEO by the end of 2023
Nearly three months later, on Wednesday, the billionaire again announced his intention to step down, saying it would be “good timing” to find someone else to run Twitter by the end of 2023, when he thinks the social network will be. stable.
“I think near the end of this year is probably a good time to find someone else to run the company, because I think it should be in a stable position, you know, at the end of this year,” he said. .
After conducting a survey of his followers in December, Elon Musk announced his intention to relinquish control of Twitter. In that poll, more than 60% of respondents supported his resignation.
Image: Business Insider
Concerns about distracting the Tesla CEO from the electric car maker, with which he is actively involved in production and engineering, as well as operations from his other companies, raised the consensus.
The poll results also included tweaks to Twitter’s privacy policy and the suspension – and then reinstatement – of journalists’ accounts, which drew criticism from news organizations, advocacy groups and European officials.
The Twitter takeover was marred by controversies
Turmoil and controversy marred Musk’s $44 billion acquisition of Twitter last October. Since buying the social media site, it has fired about 50% of its staff and attempted to implement a paid verification component of Twitter before being suspended.
Musk said last year that finding someone to take over Twitter could be difficult. He reportedly told the remaining employees that the company could suffer “multi-billion dollar negative net cash flow” in 2023 and that “bankruptcy is not out of the question” after shedding employees last month.
Musk has been vocal about his vision of Twitter and his attempts to purge the disinformation platform in general. He stated that he wanted the platform to be a source of truth, and urged companies and other executives to speak the truth, even if it attracts criticism.
After polling on whether he should step down, the United Nations stated that media freedom is “no game”, while the European Union vowed to blame the social media juggernaut.
The total market cap of cryptocurrencies is at $982 billion on the daily chart | Chart: TradingView.com
The new CEO of Twitter is amazing pic.twitter.com/yBqWFUDIQH
– Elon Musk (@elonmusk) February 15, 2023
New Twitter boss announcement boosts FLOKI price
Meanwhile, the price of Floki Inu soared more than 45% after Elon Musk posted a photo of his dog “Floki” with the note, “The new CEO of Twitter is awesome” on Wednesday.
At the time of writing, FLOKI is trading at $0.00002974, down 17% in the past seven days, according to data from Coiningecko. But the meme currency, which ranks no. 155 pips, up 25% in the last 24 hours, with volume up 250% in the same time frame.
Featured image from Reuters
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