Musk to Quit as Twitter CEO when Replacement Found

Elon Musk said he will resign as the CEO of Twitter when he finds someone "foolish enough to take the job."

Previously, The billionaire promised to abide by the result of a Twitter poll which saw 57.5% of users vote "yes" to him quitting the role.

He mentioned that he will still run the software and servers teams after his replacement is found.

Changes on the platform since his takeover have been much criticized. 

Since Musk bought the social media site in October, he has fired about half of its staff and attempted a rollout of Twitter's paid-for verification feature before putting it on pause. The feature was relaunched last week.

Civil liberties groups have also criticized his approach to content moderation, accusing him of taking steps that will increase hate speech and misinformation.

On Friday, the United Nations and European Union condemned Musk over Twitter's decision to suspend journalists who cover the social media firm.

Finding someone to take over the social media platform may be a challenge, according to Musk. 

Some people speculate Twitter co-founder Jack Dorsey could also come back to take over the company. He resigned as chief executive in November 2021.

"No one wants the job who can actually keep Twitter alive," he tweeted following the poll.

For weeks, investors have called on Musk to step down from running Twitter, saying he has been distracted from properly running Tesla.

Shares in the electric car company have plummeted more than 65% over the past year.

Musk sold billions of dollars worth of Tesla shares to help fund his purchase, which helped to push the shares down.

"Finally a good step in the right direction to end this painful nightmare situation for Tesla investors," said Dan Ives from investment firm Wedbush Securities after Musk wrote on Twitter on Tuesday.