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Musk's poll results: Elon should step down as Twitter CEO

Published 12/19/2022, 06:27 AM
Updated 12/19/2022, 02:11 PM
© Reuters. FILE PHOTO: Elon Musk arrives at the In America: An Anthology of Fashion themed Met Gala at the Metropolitan Museum of Art in New York City, New York, U.S., May 2, 2022. REUTERS/Andrew Kelly

© Reuters. FILE PHOTO: Elon Musk arrives at the In America: An Anthology of Fashion themed Met Gala at the Metropolitan Museum of Art in New York City, New York, U.S., May 2, 2022. REUTERS/Andrew Kelly

By Nivedita Balu

(Reuters) -Twitter users voted decisively in a poll for Elon Musk to step down as chief executive of the social media platform, a backlash against the billionaire less than two months after he took over in what has been a chaotic and controversial reign.

Musk said on Sunday he would abide by the results of the poll, but did not give details on when he would step down if results said he should. He had said that there is no successor yet.

About 57.5% votes were for "Yes", while 42.5% were against the idea of Musk stepping down as the head of Twitter, according to the poll the billionaire launched on Sunday evening. Over 17.5 million people voted.

"By Musk's - and some analysts' assertions – drastic measures are needed if Twitter's business model is to remain viable. There's an argument that without Musk at the helm, it's going to be difficult to find someone with enough gusto to change the course of Twitter's ship," said Sophie Lund-Yates, analyst at Hargreaves Lansdown.

The poll results capped a whirlwind week that included changes to Twitter's privacy policy and the suspension - and reinstatement - of journalists' accounts that drew condemnation from news organizations, advocacy groups and officials across Europe.

Then on Sunday, Twitter banned accounts that promoted rival social media platforms such as Facebook (NASDAQ:META) in a now-deleted tweet, drawing questions even from long-time Musk supporters, including Twitter founder Jack Dorsey.

Box CEO Aaron Levie called the policy "just sad."

Since taking over in October, Musk swiftly fired top management and thousands of employees, seesawed on how much to charge for the social media firm's subscription service Twitter Blue, and reinstated accounts banned under the previous management, including that of former U.S. President Donald Trump.

On Sunday, Musk said he would put all Twitter policy changes to vote via public polls, provoking further questions on his management style and keen involvement in the social media firm, which has left some investors in Tesla (NASDAQ:TSLA) anxious that he is distracted at a critical time for the electric automaker.

Musk has been personally involved in working-level decisions from car styling to supply chain issues, and said last month he would reduce his time at Twitter, eventually finding a new leader to run it.

"Even Elon Musk's biggest detractors didn't imagine he would be making strategic decisions by his freshly-acquired social media platform in a Twitter poll but here we are," said Russ Mould, investment director at AJ Bell.

"For someone who sets so much store by work ethic, Musk sure seems to spend a lot of time on social media. With Tesla shares having more than halved year-to-date, Musk needs to roll up his sleeves and get his main business back on the road."

Tesla shares opened up about 2% on Monday, but later fell to fresh two-year low of $145.82. The stock has lost nearly 60% of its value this year.

'NO SUCCESSOR'

Replying to one Twitter user's comment on a possible change in CEO, Musk said on Sunday "There is no successor."

"No one wants the job who can actually keep Twitter alive."

Musk, who was seen at the soccer World Cup final in Qatar on Sunday, has not yet responded to the results of Monday's poll. Twitter did not immediately respond to a request for comment.

Twitter is now running a poll on whether it should have a policy preventing accounts that advertise other social media platforms.

The policy update would impact content from Meta Platforms' Facebook and Instagram, along with Mastodon, Truth Social, Tribel, Nostr and Post. It would allow cross-content posting, Twitter support had said in the deleted tweet.

© Reuters. FILE PHOTO: Elon Musk photo and Twitter logo are seen through magnifier in this illustration taken November 4, 2022. REUTERS/Dado Ruvic/Illustration

"This is the last straw. I give up. You can find a link to my new Mastodon profile on my site," said Musk ally and startup fund Y-Combinator founder Paul Graham. Mastodon is a social network that has been touted as a Twitter alternative.

Twitter suspended Graham's account after his post, but later reinstated it.

Latest comments

do my understanding when the decision is in force on a corporate head for take a loss on the deal from the economy has almost crashed and he has to save his neck or what front is going to sport when the properties and assumption to the perception is is a winning or losing when you're losing problem he has to take it over now that they are trying to make a meteor article that doesn't make any sense he's right on his spot
He was in the right place at the right time for his vision and mass appeal. Gates and Bezos understood this for themselves.
I'm betting BAC and JPM financing this wreck pick the replacement CEO, one of their own to soothe investors and advertisers. TSLA is on shaky ground too.
I would not buy a car from this man anymore.
He should pick a Libertarian to be the new CEO
imagine wasting days arguing about Twitter and Elon musk. lol so pathetic
yet here you are...
Elon is a stupid person's idea of a clever person.
exactly so
He already decided to step down, polls is just for saving his ego😂
Maybe. Or he thought the masses would exalt the job he is doing and vindicate his poor performance, thus trying to save his fragile ego.
Yup.   A way to save face; when the next CEO fails or succeeds, Elon will be whining that if only the people didn't vote him out, he would've done better.
Embarrassing for us as a species when we have people like this among the richest in the world. Jeff Bezos and Bill Gates at least excel at understanding their field.
Bill Gates excelled at viruses when he was running Microsoft--computer viruses. RIP John McAfee.
Psychopath ice cold business democracy on a platform like Twitter never to dangerous when the owner is Elon psychopath
Maybe he can put Devine Nunes in charge.
Who would put a politician with no social media company experience in charge of a social media company? Oh, wait... never mind.
Devine will ban all cow-related accounts  ;-)
maybe you should apply, you certainly sound like a genius. We had communist running it previously so whats one more time. The left wont be happy until that happens anyway.
Musk is too Smart, this feels like it was all premeditated.He wants to step down rebuild the company and bring it back public and get his money back.
Waste of time
Hire Jarod
Musk said on Sunday "There is no successor......No one wants the job who can actually keep Twitter alive."  --- true enough, giving the fact that Musk spent months trying to get out of the deal and doing everything wrong as Twitter's CEO so far......
A quick no advance notice poll. It was closed before I even knew about it.
So you're saying Elon rigged the vote
I hope Musk stays on so we can watch him wallow in his self-created purgatory.
  Brad disagrees with Elon's attack on free speech.   The far right would consider that leftist instead of centrist.
let's go BRAD!!!
Brad never complained when the rights free speech was eliminated by Dorsey. Think up another lie First Last.
Worthless data. Of course the remaining libs want him to step down. This is like asking liberals if they hate free speech. Of course they're going to say yes.
It's liberals hating Elon's hate of free speech: "whirlwind of actions over the past few days, including the suspension of journalists which drew condemnation from news organizations, advocacy groups and officials across Europe.   The sudden banning of accounts that promoted rival social media platforms such as Facebook (NASDAQ:META) sparked retaliation even among long-time supporters."
Its crazy
someone needs to go to Wikipedia and change disinformation to mean censorship. To censor ones views and call it misinformation while at the same time its self being the lie.
ignore my disinformation
I love how scared they get just because they can't call few free speech on only one of the many platforms they control. What would a truly free USA be like?
the people have spoken, they denounce fascist autocrat megalomaniacs who censor the free press, and who supports the unfounded conspiracy theories and the fact free alternative reality of the far right
Twitter is all about free speech. Except for the ones Musk doesn't agree with. But other than those, free speech!
You two are clueless.
so, how long have you been with CNN?
on the other hand, Twitter is a private company, not a democracy
that doesn't mean that leadership style should be non inclusive, despotic. it's an outdated model that destroys value
wow management by polling? what an erratic narcissist loser!
he knows what people will vote
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