Topline
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.
Elon Musk’s two-month tenure as Twitter CEO may be nearing its end.
Key Facts
Musk is “actively looking, asking, trying to figure out who the candidate pool might actually be,” Faber said Tuesday morning on Squawk on the Street.
The mercurial billionaire Musk polled Twitter users late Sunday into early Monday asking whether he should step down, in which 57% of the nearly 18 million respondents supported his resignation, but Musk remained silent on what the poll meant for his future at Twitter despite promising to abide by the results of the survey before supporting a suggestion that only paid Twitter users’ opinions should count.
But the renewed intensity in the successor search is unrelated to Musk’s poll, according to CNBC.
Faber added he’s heard “a lot of different names” under consideration but declined to say who, though he ruled out two rumored replacements in former T-Mobile CEO John Legere and the billionaire former Twitter CEO Jack Dorsey.
Musk and Twitter did not respond to emailed requests for comments.
Key Background
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.
Surprising Fact
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.
Crucial Quote
“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.
Further Reading
Musk Remains Silent Eight Hours After Poll Supporting His Resignation As Twitter CEO Ends (Forbes)
Source: https://www.forbes.com/sites/dereksaul/2022/12/20/elon-musk-actively-looking-for-successor-as-twitter-ceo-report-says/