"I will find a foolish successor"... Musk announces Twitter CEO resignation after 2 months

Even After Stepping Down as CEO, Participates in Managing Technology Department

[Asia Economy Reporter Yujin Cho] Elon Musk announced that he will step down as CEO just two months after acquiring Twitter.

On the 20th (local time), Musk tweeted, "I will immediately resign as CEO as soon as I find a fool stupid enough to take the CEO position," adding, "After that, I will only be in charge of software and server operations."

Earlier, on the 18th, Musk held a vote on whether to resign as Twitter's CEO, and more than half of the approximately 17.5 million respondents, 57.5%, voted in favor. This is the first official statement Musk has made since the voting results were announced.

Right after the voting results were released, Musk stirred controversy by tweeting without mentioning whether he would abide by the vote, stating, "Going forward, voting rights on major Twitter policy decisions will be limited to paid members (Twitter Blue)."

[Image source=Reuters Yonhap News]

After acquiring Twitter for $44 billion, Musk caused controversy by dissolving the board, conducting ruthless mass layoffs, restoring former U.S. President Donald Trump's account, and relaxing content censorship, which led to a mass exodus of advertisers and ongoing management turmoil at Twitter. Since Twitter relies on advertising for 90% of its total revenue, the loss of advertisers dealt a significant blow to Twitter's performance and financial situation.

While acknowledging his significant responsibility, Musk continued with erratic and impulsive remarks, claiming, "No one actually wants the position to keep Twitter alive. There is no successor," and "Twitter has been speeding toward bankruptcy since May."

This 'Twitter risk' spilled over to Tesla, causing Tesla's stock price to nearly halve over the past two months. On this day, Tesla's stock, listed on the Nasdaq market, closed down 8.05% at 137.80.

This content was produced with the assistance of AI translation services.