Wednesday, June 19, 2024
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Elon Musk, the current CEO of Twitter, recently tweeted, asking whether he should step down as the head of Twitter, saying he will “abide by the results of this poll.” The results showed 57.5% users voting in favor of Musk relinquishing his position as Twitter head, while the remaining 42.5% voted “No” – with over 17.5 million voters participating.

Musk’s major venture, Tesla Inc, has been affected ever since his Twitter takeover, and Tesla’s share value has decreased significantly this year, losing almost 60% of its value. Investors have also expressed concern that Elon Musk, CEO of Tesla, may be spreading himself too thin following his acquisition of Twitter.

Wedbush analyst Dan Ives said, “It appears Musk’s reign as CEO of Twitter will come to an end and thus be a major positive for Tesla’s stock, starting to slowly remove this albatross from the story.” In the past month, Musk informed a Delaware court that he plans to reduce his involvement with Twitter and eventually seek a new leader to take over management of the social media platform.

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