• Elon Musk announced in December 2020 that he would step down as Twitter CEO once a replacement was found.
• In March 2021, Musk said it would be “good timing” to find someone else to run the company by the end of 2023.
• The takeover of Twitter last October was marred by controversy due to employee layoffs and a failed paid verification program.
Elon Musk Intends To Step Down As Twitter CEO
Elon Musk announced in December of last year that he will step down as CEO of Twitter once a replacement is found, but will continue to operate some important divisions of the popular social media network. He tweeted at the time that he would quit as chief exec as soon as he found “someone foolish enough” to assume the post.
Survey Results Support Resignation
After conducting a survey of his followers in December, Elon Musk announced his intention to relinquish control of Twitter. In that poll, over 60% of those questioned supported his resignation. Concerns about the Tesla CEO being distracted from the electric vehicle maker, in which he is actively involved in production and engineering, as well as operations from his other firms, fueled the unanimity.
Twitter Takeover Marred By Controversies
Musk’s $44 billion acquisition of Twitter last October was marred by turmoil and debate. Since purchasing the social media site, he has fired around 50% of its employees and tried to implement Twitter’s paid verification component before suspending it.
Finding Replacement Could Be Difficult
Musk stated last year that finding someone to take over Twitter could be difficult. He reportedly told remaining employees that the company might suffer “net negative cash flow of several billion dollars” in 2023 and that “bankruptcy is not out of the question” after letting go of personnel last year.
Good Timing To Hire New CEO By End-2023
On Wednesday, Musk again made public his intention to stand down, saying it would be “good timing” to find someone else to run Twitter by the end of 2023 when he believes the social media network will be stable.