Musk “quit” poll boosts Tesla
December 19, 2022 - Tesla’s shares jumped 4.8% after Twitter users voted for Elon Musk to step down from his role as head of the social media platform that has distracted him from running the electric-car company.
“Should I step down as head of Twitter? I will abide by the results of this poll,” Musk tweeted to his 122.1 million followers on Sunday.
The poll closed on Monday morning, with 57.5% of the 17.5 million votes choosing “Yes,” and Tesla was up in pre-market trading.
If Musk heeds the vote, it will end 53 chaotic days at the helm. It has involved dismissing top executives, eliminating roughly half of its employees and haemorrhaging advertising revenue.
Shares of the carmaker are down 60.7 per cent since Musk announced he had become Twitter’s largest shareholder in April and made a bid for the social media platform.
Musk tweeted after launching the poll that “No one wants the job who can actually keep Twitter alive. There is no successor -- and it has been in the fast lane to bankruptcy since May.”
Twitter has almost $13 billion of debt in the hands of seven Wall Street banks that have been unable to offload it to investors.