Elon Musk steps down as Twitter CEO

By Ron Lim, Author
Elon Musk
Photo source: Wikimedia Commons (JD Lasica from Pleasanton, CA, US, CC BY 2.0 , via Wikimedia Commons)
Elon Musk ends his chaotic reign on Twitter just eight weeks after he stepped in as CEO.

Elon Musk's tumultuous reign on the social networking app Twitter has come to an end after the world's former richest man announced that he would be stepping down as its CEO.

In a tweet, the tech CEO revealed that he would vacate his position as soon as he finds a replacement “foolish enough to take the job” and would instead focus on running the website's software and servers' teams.

As of this writing, the tweet has more than 16,000 retweets and more than 100,000 likes. In the quotes to the tweet, people are not being kind to Musk either, either deriding the way he has handled the whole affair or celebrating him stepping down.

Photo source: Twitter

Musk stepping down as Twitter CEO stems from a Twitter poll that he put up two days ago asking if he should step down as CEO. He also promised that he would abide by the results of the poll, which ended with 17,502,391 votes, 57.5 percent of which voted for Musk to leave.

Musk is stepping down from the job just eight weeks after he shelled out $44 billion to acquire the site.

Stepping down as Twitter CEO is the latest blow to Musk's former public image as a tech and business genius. Just a couple of days ago, he saw his standing as the world's richest person get taken by Bernard Arnault, the owner of luxury empire LVMH or Louis Vuitton Moet Hennessy.

As of today, the Bloomberg Billionaires Index pegs Arnault's net worth at $161 billion, $13 billion more than Musk's current net worth of $148 billion. The gap is $6 billion more than it was on December 19, when Arnault was valued at $163 billion and Musk at $156 billion. The Bloomberg Billionaires Index is a daily ranking of the world's richest people.

Musk's Twitter adventure has resulted in a drop in his fortunes, especially since he sold $4 billion worth of Tesla stock to fund the Twitter acquisition. Just six days ago, Tesla stock was trading at $155.88 per share, which is the lowest level it has been since November 18, 2020 according to Reuters. Back in June, Musk was projected to become the world's first trillionaire.

AS TWITTER IS SET TO WELCOME NEW LEADERSHIP, LET'S TAKE A LOOK BACK AT TWEETS THAT MADE A MARK.

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