Elon Musk polls Twitter on whether he should step down, most vote yes

Twitter’s new owner and CEO, Elon Musk, posted an casual poll of the social media platform’s consumers Sunday asking if he must phase down as head of the organization.

At 6:20 a.m. ET on Monday, the poll ended with a majority of respondents (57.5%) calling for the billionaire to leave his put up. More than 17 million people had voted by the time the poll closed.

linked investing information

Oppenheimer downgrades Tesla, says Elon Musk's handling of Twitter could hurt electric vehicle maker

CNBC Pro

Musk claimed he would abide by the benefits of the poll. It is unclear no matter whether or not he will really do so. Shares of Tesla — a different one of Musk’s organizations — closed down less than 1% Monday.

In courtroom in November, Musk said, “I hope to lower my time at Twitter and obtain anyone else to operate Twitter in excess of time.” Nevertheless, on Sunday, he wrote in a tweet that there is no achievable successor for him at the social media business.

“The question is not finding a CEO, the dilemma is getting a CEO who can continue to keep Twitter alive,” he wrote.

In reaction to a further consumer speculating that Musk has previously selected a successor, the billionaire mentioned: “No one particular wants the occupation who can basically hold Twitter alive. There is no successor.”

This photo illustration taken on December 18, 2022 in Los Angeles displays a mobile phone displaying Elon Musk’s Twitter webpage the place he is conducting a survey about his long run as the head of the corporation.

Chris Delmas | AFP | Getty Pictures

Twitter polls are straw polls, that means they are informal and not similar to expert public impression investigation. Destructive bots or inauthentic accounts may well also be equipped to sign up a reaction to a Twitter poll.

Musk’s Sunday poll followed online backlash after the “Chief Twit” (as he has termed himself) designed unexpected improvements to procedures impacting consumers of Twitter in the past 7 days.

For instance, the organization launched a new social media platform marketing coverage on Sunday, which prohibited buyers from sharing back links to some of their other social media accounts. Longtime Musk close friends and proponents, which includes Y Combinator founder Paul Graham, expressed their dismay at the coverage resulting in Musk to afterwards apologize and roll it back.

Investors want Musk to be more involved with Tesla, says Loup’s Gene Munster

Times before, Twitter created alterations to its policy on “doxxing,” which the company now defines as “sharing someone’s non-public facts on-line with no their authorization.” The new policy prohibits people from sharing other people’s live site info, household addresses, get in touch with facts or actual physical location info but has remaining a lot of bewildered above what facts crosses Twitter’s line. 

Musk’s policy variations ended up applied as a justification to suspend the Twitter accounts of a quantity of U.S.-dependent journalists, commentators and others who have been essential of the CEO or his companies in the earlier. Some of the accounts were fully or partly restored a number of days later on, but not all.

The suspensions marked the latest chapter of Musk’s rocky takeover of Twitter. He led the acquisition of the corporation for all-around $44 billion in October, and his leadership has resulted in massive personnel cuts, a spike in racist detest speech, advertisers fleeing or slashing their spending on the system, as nicely as the reinstatement of earlier banned accounts.

Musk statements that Twitter use has achieved an all-time superior since he took about, and that loathe speech impressions have fallen.

The billionaire’s administration of Twitter is bleeding into, and elevating problems about, his other ventures.

For case in point, Musk has bought billions of bucks well worth of Tesla shares this calendar year to finance the Twitter takeover. He has also pulled in expertise from both equally Tesla and SpaceX, which includes executives, engineers and lawyers, to guide him at Twitter.

A CEO expending time and cash on Twitter isn’t Tesla’s only challenge — the company is at present presenting discounts on autos in China, an indication of weaker need for its cars and trucks there, according to Tesla bear Toni Sacconaghi of Bernstein on CNBC’s “Squawk on the Street” very last week.

Before this month, NASA Administrator Bill Nelson asked SpaceX President and COO Gwynne Shotwell whether or not Musk’s “distraction” at Twitter may well have an impact on SpaceX’s operate with the room agency, NBC Information noted. Nelson said she reassured him it would not.

Musk can not run Twitter the same as an engineering company, says TCU's Mary Uhl-Bien

But Musk’s behavior at Twitter is getting a unfavorable impact on his car or truck firm’s public graphic and inventory rate. Shares in Tesla experienced dropped about 60% year to date as of Friday’s near. It will come amid a broad decrease in expansion shares which has seen the tech-large Nasdaq Composite tumble much more than 30% year to date.

In a note late Sunday, Dan Ives, handling director of equities at Wedbush Securities, wrote that the second-most significant ask for on his Christmas “wish listing” was for Musk to find a successor to run the social media organization.

“With the Twitter chaos entrance and middle and ensuing in a important headache and overhang for the Tesla story, we believe Musk wants to name a long-lasting CEO of Twitter (and not Musk himself) to conclude the ache,” Ives claimed.

Tesla’s biggest retail shareholder, Leo Koguan, wrote in a tweet on Dec. 14, that “Elon abandoned Tesla and Tesla has no doing the job CEO.” He referred to as on the company’s board of directors to acquire motion. “Tesla demands and warrants to have [a] operating total time CEO,” he wrote, criticizing the board for obvious inaction.

Musk tweeted very last 7 days that he will “make guaranteed” Tesla shareholders reward from Twitter in the extensive time period.

A study in Germany’s Der Spiegel very last week uncovered that 63% of respondents really feel that Musk’s general public efficiency as CEO of Twitter has had a mainly destructive or clearly adverse affect on their watch of Tesla.

And only 9% of respondents to that study explained they uncover Tesla very or typically likable as a brand — the business rated considerably driving VW, BMW, Opel and other individuals in Germany. Which is even with the fact that Tesla is investing seriously in the German marketplace. It opened a major car or truck assembly plant in Grünheide, outdoors of Berlin, in March o this 12 months.

Correction: This article has been current to replicate that at 3.30 a.m. ET the the vast majority of poll respondents had voted for Musk to go away his put up.

CNBC’s Ryan Browne contributed to this report.

Minnie Arwood

Next Post

How homeowners can make sense of the climate finance

Tue Dec 20 , 2022
Solar panels create electricity on the roof of a house in Rockport, Massachusetts, U.S., June 6, 2022. Picture taken with a drone.  Brian Snyder | Reuters When Josh Hurwitz decided to put solar power on his Connecticut house, he had three big reasons: To cut his carbon footprint, to eventually […]

You May Like