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.
Elon Musk: ‘Good Timing’ To Hire New Twitter CEO By End-2023
Nearly three months later, on Wednesday, the billionaire is again making 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 to be stable.
“I’m guessing probably towards the end of this year would be good timing to find someone else to run the company, because I think it should be in a stable position around, 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, 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.
The referendum results also included modifications to Twitter’s privacy policy and the suspension – then reinstatement – of journalist accounts, which drew censure from news organizations, advocacy groups, and European officials.
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.
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 month.
Musk has been open about his vision for Twitter and his attempts to cleanse the platform of disinformation in general. He stated that he wants the platform to be a source of truth, and he urged businesses and other CEOs to speak genuinely, even if it attracts criticism.
Following the poll on whether he should stand down, the United Nations stated that media freedom was “not a toy,” while the European Union vowed to censure the social media juggernaut.
Crypto total market cap at $982 billion on the daily chart | Chart: TradingView.com
New Twitter Boss Announcement Boosts FLOKI PriceThe new CEO of Twitter is amazing pic.twitter.com/yBqWFUDIQH
— Elon Musk (@elonmusk) February 15, 2023
Meanwhile, the Floki Inu price increased by more than 45% after Elon Musk posted a picture of his dog “Floki” with the remark “new CEO of Twitter is amazing” on Wednesday.
At the time of writing, FLOKI is trading at $0.00002974, down 17% in the last seven days, data from Coingecko shows. But the meme coin, which occupies the No. 155 spot, was up 25% in the last 24 hours, with a 250% increase in trading volume in the same timeframe.
-Featured image from Reuters
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