Twitter continues to go haywire after Elon Musk’s entry. The majority owner is about to resign as CEO. In a Twitter poll initiated by Musk himself on Sunday, the majority on Monday were in favor of the 51-year-old stepping down from the helm of the online short message service. Musk had previously stated that he would stick to the voting result without explaining when that would be the case. And when asked by a Twitter user, Musk also said: “There is no successor.”
Musk has made several controversial changes since taking over the digital network. After massive international criticism, he recently lifted the blocking of user accounts for several US journalists.
Panicked Tesla Investors
Tesla investors are worried about Musk’s engagement on Twitter. It is feared that he could become increasingly distracted from leading the electric car manufacturer in times of global economic weakness. Some Tesla shareholders have reacted in panic to Musk’s erratic approach. The company, which was once worth more than $1 trillion, recently lost more than half of its value because many shareholders sold their shares. As a result, Musk himself lost his fortune and lost his place at the top of the world’s richest people rankings to luxury goods entrepreneur and LVMH CEO Bernard Arnault. His net worth was down to $154 billion.
wrong way driver
As reported, after a long back and forth, Musk bought Twitter for $44 billion and started to stir things up there, not necessarily in the interests of his customers.
In order to finance this expensive deal, Musk had to sell shares in Tesla, which caused and accelerated the electric car manufacturer’s downright slide on the stock market. The stock lost around 60 percent of its value from its high. It was therefore not surprising that it became known over the weekend that Musk was looking for investors for Twitter. Musk’s vote on himself could also have been an attempt to elegantly pull himself out of the affair on Twitter.
Tesla is fighting in China
Because Twitter recently needed Musk’s full attention. And he couldn’t take care of Tesla and the further expansion. In addition, Tesla is struggling with falling demand in China.
After the announcement of a possible withdrawal of Musk from the top of Twitter, the stock exchanges showed a recovery in Tesla shares. After a minus of 20 percent in December alone, the slide in the car share was stopped, at least for the time being. And that despite the fact that technology stocks opened weak on Monday.
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