Musk says he will step down as Twitter CEO once successor found

Wanted: A CEO that will work 24/7 for Musk at a low cost. Will let Musk the company and do what is told. Must be willing to be the fall guy and sign a NDA so when fired after the poor numbers comes out. Added must praise Musk as a genius all the time.

Elon knows he's in over his head trying to run Twitter, Tesla and SpaceX all at the same time. He is also finding out that tweeting around the clock, sometimes controversial tweets, is having a great negative impact on him and his companies financially. The Twitter poll he conducted was just a front for him to step down without admitting failure. The writing was on the wall and there were a lot of pressure, especially major shareholders of Tesla, for him to leave the daily operation of Twitter to professionals. Even if you are the richest man in the world, to see your prized company Tesla's stock price going down 65% year-to-date (down 38% alone since he took over Twitter on Oct 28, 2022), it's got to hurt. No amount of tweeting will fix his problems.

I figure twitter gets sold off at a highly discounted rate within 6 months. The only question will be whether the purchaser can recover as all the previous knowledge base left without a knowledge transfer. Even with new owners, it’s going to be extremely difficult to pull twitter out of the hole Musk has dug.

I will resign as CEO as soon as I find someone foolish enough to take the job!" Musk tweeted, saying he will then only run software and server teams at Twitter.

Excellent.. so basically saying that this was a failed firm and no one should take this job, and yes, separating the fake tech from the tech, and managing/taking away the tech..

Excellent..

Another one more to the 2022 loser's list..

Bye bye Elonald, worst CEO of 2022..

Another hard blow to Elonfanboyzz and Trumpyfanboyzz...

LOOOOOL!!!..

And just like trump which hav been confirmed as fact, Elon has back-door deals with China Russia, Saudi Arabia, and Turkey with Jared Kushner in the mix!

Elon Musk was spotted with a sanctioned, pro-Putin Russian TV presenter at the World Cup final in Qatar

https://finance.yahoo.com/news/elon-musk-spotted-sanctioned-pro-180056115.html

Her boyfriend is a Russian Oligarch who is close friends with Putin. She has been found to be a intermediary for her boyfriend's state supported bank.

Elon does Mike Myer's "Dr. Evil" proud.

If you assume the intention of Musk was to destroy Twitter but having the excuse of doing it out of incompetence instead of malice then him stepping down makes a lot of sense, after all his job is already done.

"I will resign as CEO as soon as I find someone foolish enough to take the job!" Musk tweeted, saying he will then only run software and server teams at Twitter.

Control the backbone and infrastructure of the platform, let someone to be bullied and take the heat for controversial decisions.

No change really. The only thing is to see if Musk can transform Twitter from behind the scenes now.

Bye. Don't let the new year hit you in the rear on the way out!

I'll do it.

‘45. Elon. Kanye.‘

Boy oh boy, that didn’t age well.

Musk may console himself with the bots theory. How many bots were in the Chapelle audience?

Snoop is doing very well out of this whole debacle.

Excellent.. so basically saying that this was a failed firm and no one should take this job,

Why did he lose billions of dollars to take this job? Then give up soon after?

Business smarts?

Musk paid $44 billion. What is it worth today? Not $44 billion.

Musk has sold nearly $40 billion of Tesla stock in under 14 months. That figure dwarfs the automaker's profits and rivals its underlying value.

LOL! Another stable genius like Yeezy and trump crashing and burning!

No matter what we all say here, like him or not, he is still the richest man in the world.

Wish I was on his Christmas list. At least...

No matter what we all say here, like him or not, he is still the richest man in the world.

He's not even that. You don't seem to realize how much this fiasco has cost him. Google is your friend.

It’s very attractive to apply for a role, where the requirement is to be foolish enough ;)

No matter what we all say here, like him or not, he is still the richest man in the world.

Second richest now, but anyway.

Its partly the fact that he has demonstrated that he is an extremely competent entrepreneur that makes this Twitter saga so interesting. While his critics are loathe to admit it, what he has accomplished with Tesla and Space X is truly impressive. There are not many people in the world - in fact perhaps just him - who could take those companies to where they are today and he deserves credit for that.

BUT, his takeover of Twitter has been a shambolic, incompetent farce. Its the exact opposite of what he did with Tesla and Space X - instead of competently building a company he is incompetently wrecking a company that others built.

I think what explains it is simply that with his other companies he started with an idea that was already out there (electric cars, re-usable rockets, etc) that other companies weren't investing in yet showed promise if sufficient investment was made in developing them. Then he built single purpose companies in order to create those things at scale, which was both highly risky but in the end highly profitable.

His Twitter takeover doesn't fit that pattern. It seems it was more a personal whim that he was acting on. There was no idea that wasn't being invested in - social media is already everywhere and "free speech" isn't a business idea in and of itself. So he's just been flailing ever since he took it over. A fish out of water.

rainyday

There are not many people in the world - in fact perhaps just him - who could take those companies to where they are today and he deserves credit for that.

BUT, his takeover of Twitter has been a shambolic, incompetent farce. Its the exact opposite of what he did with Tesla and Space X - instead of competently building a company he is incompetently wrecking a company that others built.

It's beginning to look more and more like those other companies succeeded despite him, not because of him.

Most of the decisions within those companies were done in private, and most likely with much input from the actual engineers and others who actually know how the stuff works. Whereas, his Twitter decisions have mostly been glaringly public, and demonstrate his lack of understanding of how things work.

There have been some red flags in the past from some of his public actions and statements that make his current crapshow less of a surprise to those who have been paying attention. It's kinda fun watching him shoot himself in the ****, though.

It's beginning to look more and more like those other companies succeeded despite him, not because of him.

Most of the decisions within those companies were done in private, and most likely with much input from the actual engineers and others who actually know how the stuff works. 

I would disagree with this. There were lots of engineers who knew how to build rockets or electric cars before Musk came along, but he was the one who actually had the mix of characteristics (not to mention money, connections, etc) that allowed him to turn those into succesful businesses, which hadn't been done before. This wasn't because of engineering problems that prevented them from being built, but rather from business problems (carmakers killing electric cars deliberately, rocket makers not investing in the technology, etc) that he took quite a bit of risk in investing in (both Tesla and Space X could easily have gone bankrupt early on).

This is why the shareholders at Tesla are mad at him right now. His stupid antics with Twitter haven't made them want to fire him, but rather they want him to come back and focus his attention on Tesla. This is a pretty strong indication that he knows how to competently run a company like Tesla, and is simply out of his game when playing with Twitter.

There have been some red flags in the past from some of his public actions and statements that make his current crapshow less of a surprise to those who have been paying attention. It's kinda fun watching him shoot himself in the ****, though.

True, he has done a ton of bizarre and highly questionable stuff in the past, but for the most part those things didn't damage the companies he was running. What makes this interesting is that not only are his Twitter antics destroying Twitter, but they are causing collateral damage at his other companies. I've also enjoyed seeing him shoot himself in the foot, though I would rather that he wasn't doing this destructive stuff to Twitter in the first place.

Musk says he will step down as Twitter CEO once successor found

I really don't comprehend why Musk or the investors brought Twitter.

All never understood the media, or any means of leveraging such an investment.

Wow - a successful business giant tycoon who abides by an election

@rainyday

You make some good points. But, I have a sneaking suspicion that when, or even if, he goes back to giving his attention to Tesla and SpaceX, we won't be seeing the same levels of success.

Tesla will be getting some major competition from real car companies, both at the directly competing luxury level, and at the mainstream/entry level which Tesla hasn't had any luck with.

As for SpaceX, they are also seeing competition from Blue Origin, Virgin Galactic, and longtime aerospace players like Boeing, Lockheed, and Northrop Grumman who together are bringing NASA back to the moon.

I also remember reading some anonymous SpaceX employee interviews that didn't paint Musk in a very flattering light there, either.

There is little doubt that Musk Tesla battery tech and system integration is next generation.

His SpaceX program is a step that could represent a privatal stage that could revolutionize space travel..

Musk is however a unstable influence a person the business would be forgiven to just lock up.

You make some good points. But, I have a sneaking suspicion that when, or even if, he goes back to giving his attention to Tesla and SpaceX, we won't be seeing the same levels of success.

Yes, this I agree with. He was able to build both companies without facing much competition but now they are operating in crowded fields. While as I said in my previous post I think he deserves credit for what he accomplished (past tense) with them, his Twitter antics do cast serious doubt on his abilities to run Tesla and Space X too, now that they are mature businesses (as opposed to disruptive newcomers like they were a few years ago). The shareholders seem to want him back, but they aren’t always the best judge of managerial competence and may just want him back since there was a certain hype factor around him that contributed to high share prices that is now evaporating. So their interest may lie more in trying to re-inflate short term prices without regard to whether he can actually run the company well long term.

Never been a better buying opportunity than now to purchase Tesla.

Never been a better buying opportunity than now to purchase Tesla.

Not generally wise to invest in a company whose CEO isn’t doing his job because his pet project to own the libs - mainly financed by selling off a large portion of his shares in said company - is taking up all his available time and attention.

It’s the perfect time to do so such actually. Because it wont be that way for much longer.

I mean what a loser! “Only” the 2nd richest man in the world.

Total failure in life once he decided to own the libs for a few weeks.

Musk has sold nearby $40 billion of Tesla stock in under 14 months.

Which he can now repurchase today for at least a 20% discount.

how much is 20% of 40 billion dollars?

Which he can now repurchase today for at least a 20% discount.

Yeah, too bad all his cash is tied up in a side project right now.

how much is 20% of 40 billion dollars?

About what Twitter is now worth, if that.

All his cash huh? All of it?

I beg to differ. Nice story narrative though.

$40 billion of sold stock minus 20% capital gains tax. $32 billion. Musk needs to pay his debts. Borrowed to buy Twitter and needs to pay interest. Twitter has lost #3 million per day.