Tag: Twitter CEO

Elon Musk will step down as Twitter CEO once he finds a ‘foolish enough’ replacement

The billionaire Elon Musk announced on Tuesday that he will step down as Twitter’s CEO once he finds a replacement, although he will continue to oversee some crucial departments of the social media network.

“I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams,” Musk wrote on Twitter.

I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams.

— Elon Musk (@elonmusk) December 21, 2022

Some investors have questioned if Musk is too preoccupied to properly operate his electric vehicle automaker Tesla, in which he is actively involved in production and engineering. Musk’s $44 billion buyout of Twitter in October has been defined by upheaval and controversy.

After Twitter users chose for him to stand down in a poll that the billionaire started on Sunday night, Musk has now publicly acknowledged leaving his position as the social media platform’s CEO for the first time.

17.5 million individuals participated in the poll, and 57.5 per cent of them chose “yes.” Musk declared on Sunday that he will follow the outcomes. He has not specified a date for his resignation, and no replacement has been named.

The survey findings brought to a close a hectic week that saw modifications to Twitter’s privacy policy and the suspension and reactivation of journalist accounts, all of which garnered criticism from news outlets, advocacy groups, and government officials across Europe.

Musk stated in a Twitter Spaces session that Twitter’s cash flow will achieve break-even in 2023, according to a tweet from Bloomberg on Wednesday.

Bloomberg claimed that Musk explained the forecast as a result of recent cost-cutting initiatives he has implemented on the social media site.

Wall Street has been calling on Musk to leave for weeks, and more recently even Tesla supporters have questioned his focus on social media and whether it would be a distraction from operating the EV manufacturer.

Musk has acknowledged that he has too much on his plate and that he will search for a new CEO of Twitter. But he claimed on Sunday that there was no one in place to take his place and that “no one wants the job who can actually keep Twitter alive.”

December 21, 2022
Elon Musk gets board approval for $44 billion Twitter deal

Twitter’s board of directors unanimously recommended Tuesday that shareholders support Elon Musk’s $44 billion acquisition of the company, according to a US Securities and Exchange Commission filing.

Elon Musk, CEO of Tesla and SpaceX, agreed to buy Twitter in April. Still, the business mogul has faced numerous roadblocks in his pursuit of Twitter, but he is now one step closer to closing the deal.

Twitter board stated in an investor statement included in the SEC filing that it “decided that the merger agreement is advisable and that the merger and the other transactions contemplated by the merger agreement are fair to, prudent, and in the best interests of Twitter and its stockholders.”

The letter did not specify a date for the vote, but Bloomberg reported that it could happen in late July or early August.

Though the company’s share price has fallen significantly from the $54.20 per share that Musk initially proposed, he signalled his intention to proceed with the transaction in a meeting with Twitter employees last week when he allegedly stated his desire for 1 billion subscribers. Twitter has declined to comment further.

Given that the group had previously authorised the acquisition, the board’s suggestion came as no surprise, but it is the latest stage in a lengthy process fraught with twists, turns, and uncertainty.

Musk previously threatened to withdraw from the agreement if Twitter could not provide proof that less than 5 per cent of its accounts were bots. Later, he accused Twitter of “actively fighting and blocking” his request for bot data, but the company appears to have decided to release the data.

The business mogul told Bloomberg on Tuesday at the Qatar Economic Forum that the bot issue and shareholder approval are two of three issues that must be resolved before the sale can be completed. According to Musk, the third source of concern is whether the debt portion of the transaction will be completed.

Musk stated that he is willing to revise the terms of the agreement, stating that a cheaper price is not “out of the question.”

Twitter, on the other hand, has clarified that it does not plan to restructure the current agreement. In April, Twitter co-founder and former CEO Jack Dorsey expressed his support for the deal, saying Musk is the “singular solution” he believes in.

June 24, 2022
Musk says no Twitter deal without clarity on bot accounts

The tech mogul Elon Musk and Twitter CEO Parag Agrawal are arguing about bots, which Musk has made a core issue in his acquisition of the microblogging site.

On the other hand, Agrawal outlined Twitter’s approach to spam accounts and the obstacles it faces in dealing with them in a series of tweets on May 16.

Every day, Twitter suspends almost half a million spam accounts, according to Agrawal. He reaffirmed Twitter’s long-held estimate that less than 5 per cent of its daily active users are spam accounts, which Musk mentioned on Friday when declaring that his $44 billion proposal to buy Twitter was temporarily on pause.

20% fake/spam accounts, while 4 times what Twitter claims, could be *much* higher.

My offer was based on Twitter’s SEC filings being accurate.

Yesterday, Twitter’s CEO publicly refused to show proof of <5%. This deal cannot move forward until he does.

— Elon Musk (@elonmusk) May 17, 2022

That estimate, according to Agrawal, is based on ‘many human reviews of thousands of users’ picked at random, but it’s impossible to know which accounts are counted on any given day.

While Twitter feels its estimations are realistic, the measures were not independently validated, and the actual number of bogus or spam accounts could be greater.

Believe it or not, Musk responded to Agrawal’s first 13 tweets with a ‘faeces emoji’.

Musk then asked a more thought-provoking inquiry about how can advertisers know what they’re getting for their money as this is essential Twitter’s financial health.

Tesla’s CEO has been vocal about bots and spam accounts on Twitter, describing bitcoin spam and bots as the most aggravating issue on the network.

Read more: Musk postpones Twitter acquisition after discovering number of fake accounts

Anyone who has seen the answers to Musk’s tweets knows that they are full of such con artists, many of whom try to profit from Musk’s fame.

However, other analysts believe that the world’s richest man is leveraging the bot issue to lower the price at which he would purchase the platform, whether as an unusual bargaining ploy or out of necessity.

May 17, 2022