Musk will step down as CEO of Twitter once he finds a replacement who is “stupid enough.”
Elon Musk, a billionaire, said on Tuesday that he will step down as CEO of Twitter Inc. (NYSE:TWTR) once he finds a replacement, but he will still be in charge of some key parts of the social media site.
“I will quit my job as CEO as soon as I find someone who is stupid enough to want it.” “Then I’ll only be in charge of the software and server teams,” Musk tweeted.
Musk’s $44 billion purchase of Twitter in October has caused chaos and controversy, and some investors are wondering if he is too busy to run his electric car company, Tesla (NASDAQ:TSLA) Inc., where he is involved in production and engineering.
Related: Elon Musk has launched a poll to determine whether he should step down as CEO of Twitter.
This is the first time Musk has talked about leaving his job as CEO of the social media site. This comes after Twitter users voted for him to leave in a poll he started on Sunday night.
In the poll, about 17.5 million people, or 57.5%, said “yes.” On Sunday, Musk said he would accept the results. He hasn’t said when he will step down, and no one has been named to take his place.
The poll results came at the end of a whirlwind week that saw changes to Twitter’s privacy policies as well as the suspension and reactivation of journalist accounts, all of which were criticised by news organizations, advocacy groups, and officials across Europe.
Wall Street has been calling for Musk to step down for weeks, and even Tesla bulls have started to question his focus on Twitter and how it might keep him from running the electric car company.
Musk himself has said that he has too much to do and will look for a Twitter CEO. He said, though, on Sunday that there was no one to take his place and that “no one wants the job who can really keep Twitter alive.”