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Elon Musk announces that he will step down as Twitter CEO once a successor has been found

Elon Musk announces that he will step down as Twitter CEO once a successor has been found

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Elon Musk said Tuesday he would step down as Twitter’s chief executive officer once he found someone “dumb enough to take the job,” bowing to the results of a survey of users of the platform he conducted on Tuesday carried out the weekend.

Musk also hinted that he will continue to lead the company’s “software and server teams” after stepping down, suggesting he will remain closely involved in the social networking site’s day-to-day operations and product development.

The Tesla and SpaceX boss announced his decision in a tweet late Tuesday, almost two days after completing a poll asking users of the platform if he should continue as chief executive and vowing to stick to the result. The poll garnered 17.5 million votes, with 57.5 percent calling for his resignation.

Musk indicated when he took over Twitter that he would likely only serve as CEO for a transitional period. But his abrupt decision to raise the governance issue after less than two months surprised many observers. It came after an upheaval that has led to the firing or resignation of more than half of the company’s employees and the loss of some of its biggest advertisers, prompting Musk to warn of possible bankruptcy.

Musk claimed Monday he did it not yet identified a new CEO who, in response to a suggestion, tweeted he already had a succession plan in place: “Nobody wants the job that can actually keep Twitter alive. There is no successor.”

The likelihood of the top job at Twitter becoming vacant in the months following a Musk takeover has kept the position a subject of intense speculation in the tech world for much of this year. But the controversy and instability he has fomented in his hectic seven weeks at the helm, coupled with the fact that a successor will have to report to one of the most demanding bosses, has cast doubt on how many frontrunners there will be.

In response to a Twitter user who volunteered to take on the job, Musk said tweeted: “You must like pain very much. One catch: Twitter needs to invest its life savings, and it’s been on the fast track to bankruptcy since May. Do you still want the job?”

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