Wanted: a CEO for Twitter
#Wanted #CEO #Twitter Welcome to InNewCL, here is the new story we have for you today:
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Vox populi, vox dei: Elon Musk, professional loudmouth, the second richest man in the world and — for the time being at least — Twitter’s chief executive, invoked the Latin phrase last month when he asked users of the platform about using Donald Trump’s account should set up again. A slim majority voted in favour, and Musk deferred to their decision. Another week and another Musk poll on follow-up decisions for Twitter: Should he step down as CEO? The people spoke, and 57.5 percent agreed with him. He said Tuesday he would honor the poll, which saw 17.5 million people vote. It’s the right decision — for Musk, for his companies, and for the 238 million “monetizable” Twitter users every day.
For Musk, relinquishing some of the day-to-day control of Twitter would buy much-needed time so he can focus on the rest of his significant business portfolio. If the capricious businessman can devote more time and attention to perfecting electric vehicles, commercial space travel and brain implants and less to tweeting, there is surely a net gain for humanity.
SpaceX is preparing for the first orbital test launch of its Starship rocket system, which Musk hopes could one day travel to Mars. Meanwhile, reluctant Tesla shareholders have already sued Musk over concerns that the company endowed him with $56 billion in stock options at their expense. He has promised to spend more time with the electric carmaker, which has suffered since Twitter bought it; The stock price has fallen 60 percent since late October, when Musk completed his $44 billion acquisition. Last week, he sold another $3.6 billion worth of Tesla stock, the fourth tranche since he announced his Twitter offering in April.
That sale could be used to buy back some of Twitter’s debt (which has grown to $12.5 billion since its acquisition). Hoping to make the same $54.20 a share he paid to take the company private After publicly admitting he overpaid for Twitter, it’s a tall order to ask others to do the same But Musk shouldn’t be written off: after all, he’s one of the most successful fundraisers in the world.
Of course, there is a risk for Twitter in replacing a fickle billionaire CEO with a CEO who must question the vagaries of a fickle billionaire who remains its owner. Ideally, Musk gives his successor autonomy. But even if he doesn’t (which seems likely), a new CEO will at least provide a buffer between Musk and Twitter employees and users. The former have been brutally pared down since he took office, while the latter have been subjected to his tweets messing up company policy, his deplorable altercations with journalists over freedom of expression, and his amplification of conspiracy theories and hateful clickbait. All of this has spooked advertisers.
In fact, before last weekend’s poll, Musk hinted that he was stepping down. On Tuesday, he confirmed this as soon as “I find someone stupid enough to take the job.” It’s like promising Cinderella that she can go to the prom once all her chores are done. Who would want to accept the poisoned chalice of being the CEO of a company with significant financial problems, facing regulatory headwinds, and working under a demanding owner who is also one of Twitter’s most productive and popular users? The requirement profile, as Musk put it, is nothing more than a process of elimination: “You have to 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?” Applications are now possible.
