ZINGER KEY POINTS
- Elon Musk conducted a poll on Twitter to ask followers if he should step down.
- The poll took place at the time when Tesla shares saw massive erosion in value.
- Tesla CEO Musk's attention was the subject of commentary from analysts in recent days.
Twitter’s owner Elon Musk conducted a poll on Sunday to ask his millions of followers on the platform if he should “step down” as the CEO of the company he acquired in October.
What Happened: Musk asked his followers “Should I step down as head of Twitter?” and promised to “abide” by the results of the poll.
At the conclusion of the poll, 57.5% voted in favor of Musk stepping down and 42.5% voted he should stay on. The poll attracted nearly 17.4 million votes.
Musk said separately, “Those who want power are the ones who least deserve it.” A number of people had offered themselves as successors in the event Musk quit.
In a comment seemingly directed at the people voting in the poll, Musk said, “be careful what you wish, as you might get it.”
Why It Matters: On the subject of who would take his place on Twitter, Musk had said during the poll that “No one wants the job who can actually keep Twitter alive. There is no successor.”
Since Musk still remains the owner of Twitter, there is no clarity on how much of the day-to-day policy on the platform would continue to have been directed by him in the event of his exit.
Wedbush analyst Dan Ives said if Musk, also the CEO of Tesla Inc, leaves as Twitter’s chief executive and appoints someone else — ideally someone with social media background — it would be a “major positive” for Tesla shares as the “Twitter overhang would be significantly reduced clearly in our opinion.”
Tesla shares have declined 57.35% since the year began. The shares have fallen 29% since Twitter was purchased by Musk.
Ives said the pain in Tesla shares has been “self-inflicted” by Musk as the entrepreneur sold shares.
One of Tesla’s most-vocal backers Gerber Kawasaki Wealth and Investment Management co-founder Ross Gerber said recently, “There’s nothing wrong with Tesla other than the fact that its CEO works at another company.”
Gerber called for clarity on Elon’s plans and said that Tesla deserves a focused CEO.