Elon Musk announced he would be stepping down as CEO of Twitter Inc. once a suitable replacement is identified; however, he intends to remain in charge of the company’s engineering departments.
Since assuming the role of Twitter’s owner in October, Elon Musk has overseen a significant workforce reduction. With 5,000 employees leaving or being fired from their 7500-strong team, he intends to focus on engineering for his tenure.
The billionaire executive’s hunt for a new CEO was triggered by the loss of an online poll he posted on social media, querying whether he should keep his part as head of the company.
Millions of individuals are calling for Elon Musk to step down
A staggering 10 million votes, accounting for 57.5% of the total vote, were cast in favor of Elon Musk’s resignation from his position as CEO. As he had promised when launching the survey, Musk agreed to abide by these results; yet a day later, without directly commenting on the outcome, he tweeted multiple times–which leads us to believe that searching for a new leader may last longer than expected and remain an arduous task.
Since he purchased Twitter for a whopping $44 billion in October, Elon Musk has taken the helm almost single-handedly. Initially, it was not his intention to stay as CEO permanently; however, finding someone dependable and willing enough to take on such an immense responsibility – which Musk deems ‘thankless’ – is proving difficult. “No one wants the job who can keep Twitter alive,” he stated on social media this week. Indeed, it appears there isn’t any successor available at present.
Through a Twitter Spaces broadcast on Tuesday night, Musk proclaimed that the platform was projected to suffer from $3 billion of negative cash flow before necessary measures were taken to reduce expenses.
Will Elon Musk’s departure be a blessing or curse for Dogecoin?
Dogecoin buyers appear less than pleased with the news, judging by Tuesday’s trading. Following Elon Musk’s poll, Dogecoin plummeted by nearly 10%. On October 27th, right after his takeover of Twitter, DOGE was traded for $0.07 but recovered on November 1st, peaking at $0.14; however, it has been going through a rollercoaster pattern since then, according to CoinMarketCap figures.
Elon Musk is well-known for his eccentricity. He proudly refers to himself as “The Dogefather,” a moniker inspired by Marlon Brando’s iconic character in the classic 1972 film “The Godfather.”
Nonetheless, it is still uncertain whether Dogecoin will plunge further following Musk’s resignation. Till then, let’s keep our fingers crossed.