Twitter customers have voted in favor of Elon Musk stepping down as the platform's leader after the billionaire ran a ballot on his Facebook page. After Musk asked his 122 million followers if he needed to step down, 57.5% of them said yes. Musk, who bought Twitter for $44 billion (£36 billion), stated before the vote closed that he would accept the outcome.
Since taking over the website, the generation tycoon, who also runs Tesla and SpaceX, has faced a barrage of criticism. Musk is unable to remark because the ballot closed. Even if he were to resign as CEO, he could continue to be the owner of Twitter. On Monday, more than 17.5 million customers voted on his ballot, with 2.5 per cent voting against Musk stepping down. In the past, Musk has obeyed Twitter polls. He's keen on quoting the phrase "vox populi, vox Dei," a Latin phrase that kind of means "the voice of the humans is the voice of God."
According to a former Twitter employee who recently left the company, Musk is "displaying himself to be the incompetent idiot all of us knew he had become."
"I believe he is under pressure from buyers to step down and is using this ballot to appear to be following the desire of humans rather than the desire of those paying his bills”. Minutes before the polls closed, the founder of crypto exchange Binance spoke back to Musk, pronouncing he had to "live the course" and would now no longer step down.
Changpeng Zhao is regarded as one of Twitter's investors, and he stated in May that he had subsidized Musk's takeover with a $500 million investment. Musk's private jet seems to be on its way back from the World Cup in Qatar, where he was pictured on the very last flight subsequent to Donald Trump's son-in-law Jared Kushner on Sunday.
Dan Ives, a senior fairness analyst at Wedbush Securities, advised the BBC before the ballot closed that he believed the vote could "in the long run" result in the "finishing of Musk's reign as leader and governor of Twitter". There has been a flurry of debatable modifications at Twitter since Musk bought the social media web page. He has fired approximately half of its group of workers and tried a rollout of Twitter's paid-for verification function before setting it on pause.
The function was relaunched in the closing week. He has additionally been criticized for his technique for content material moderation, with a few civil liberties corporations accusing him of taking steps on the way to the growth of hate speech and misinformation. Musk was condemned by the United Nations and the European Union on Friday for Twitter's decision to suspend a few reporters who cover the social media company. At the same time that the EU threatened Twitter with sanctions, the UN tweeted that media freedom is “no longer a toy”. Ives stated that the previous few weeks and months have been “a black eye for Musk”, and that Twitter could never become a "golden child" since it's far from where the majority of the billionaire's wealth is.
“It's been a circus show,” he said. "I believe that in the end, within the next 24 hours, Musk will most likely appoint a new CEO of Twitter." After beginning the ballot, Musk tweeted:
"As the pronouncing goes, be cautious about what you wish, as you may get it." He said this later: "Those who need strength are those who least deserve it." Ives stated he believed Musk had found out he "can not balance" being the boss of Twitter in addition to his electric automobile business enterprise Tesla and area rocket corporation SpaceX. "The largest trouble is the extra controversy he creates; advertisers go away and run for the hills, and that is 90% of sales for Twitter," he said.
Russ Mould, funding director at AJ Bell, stated buyers at Tesla could be "carefully watching" Musk's ballot. "Given how great a distraction Musk's tenure at Twitter has become, shareholders within the electric car producer may be breathing a massive sigh of relief if he steps down from Twitter and gets back to the day-to-day activity at Tesla," he stated. “For a person who puts a lot into his work ethic, Musk appears to spend a lot of time on social media”.
With Tesla stocks having more than halved year-to-date, Musk desires to roll up his sleeves and get his important enterprise back on track. Musk's electric-powered automobile corporation has fallen sharply in value, with a few pronouncing that his obsession with Twitter is destroying the brand. He obtained the support of several buyers to help him complete his purchase of the website.
In May, it became clear that the backers protected large corporations, which include Fidelity, which is understood for handling retirement accounts, and Sequoia Capital, which has subsidized different generations of corporations like Apple, Google, and Airbnb. Others include Binance CEO and founder Changpeng Zhao, Oracle co-founder Larry Ellison, and Musk's friend Peter Thiel. Musk also stated on Twitter that the most important policy changes would be voted on in the future.
Share This Post On
Leave a comment
You need to login to leave a comment. Log-in