Billionaire Elon Musk announced on Tuesday that he will step down as CEO of Twitter Inc once a replacement is found, but will continue to run some key divisions of the social media platform.
“I’ll step down as CEO as soon as I find someone stupid enough to take the job! After that, I’ll only be in charge of the software and server teams “Musk stated this on Twitter.
Musk’s $44 billion takeover of Twitter in October has been marked by chaos and controversy, with some investors questioning if he is too distracted to also properly run his electric vehicle automaker Tesla Inc, in which he is personally involved in production and engineering.
This is the first time Musk has mentioned stepping down as chief of the social media platform, after Twitter users voted for him to resign in a poll, which the billionaire launched on Sunday evening.
In the poll, 57.5% of around 17.5 million people voted “yes.” Musk had said on Sunday he would abide by the results. He has not provided a time frame for when he will step down and no successor has been named.
Musk projected that Twitter’s cash flow will break even in 2023, a Bloomberg reporter tweeted on Wednesday, citing comments made in a Twitter Spaces session.
Musk attributed the projection to cost-cutting measures he has undertaken at the social media platform recently, Bloomberg tweeted.
Wall Street calls for Musk to step down had been growing for weeks and recently even Tesla bulls have questioned his focus on the social media platform and how it might distract him from running the EV maker.
Musk has himself said he had too much on his plate, and that he would look for a Twitter CEO. He said on Sunday, though, that there was no successor and that “no one wants the job who can actually keep Twitter alive.”