America’s richest man Elon Musk has recently intensified the search for his replacement as Twitter CEO, sources told CNBC’s David Faber, coming as a relative surprise after Musk appeared to dismiss the results of a poll supporting his resignation.
Musk, who built his $160.6 billion fortune by leading electric vehicle giant Tesla and aerospace and communications company SpaceX as their CEO, testified in Delaware Chancery Court last month he expected to find a replacement as Twitter’s boss “over time.” Musk took over as Twitter CEO on October 27 upon the finalization of his $44 billion acquisition of the company. His two-month run at Twitter has been polarizing, to say the least, as many of his supporters cheer on Twitter’s laxer content moderation policies and sweeping changes under Musk’s watch, while advertisers, Tesla investors and other critics latch onto Twitter’s unpredictability and the diversion of Musk’s attention away from his “golden child” car company.
Tesla stock fell 4.7% to $143 in Tuesday trading despite the reports suggesting Musk may soon redirect his focus back to Tesla, compared to flat trading for the tech-heavy Nasdaq. Shares of the world’s most valuable car company are down 63% since Musk first divulged his stake in Twitter, shedding roughly $700 billion in market capitalization.
“The question is not finding a CEO, the question is finding a CEO who can keep Twitter alive,” Musk tweeted Sunday, referring to the company’s cash burn.