Elon Musk hints at stepping down as Twitter CEO: FLOKI investors prepare for a wild ride
Elon Musk Might Step Down as Twitter CEO: FLOKI Surges After the Hint
The tech king of Tesla and Space X has announced his intention to step down as CEO of Twitter. Humorously he declared in a tweet that he would vacate the position as soon as someone else could take the role of CEO. The one thing I've noted about Musk is that he enjoys a controversial social media presence. This has also made him one of the most popular tech figures.
He revealed this information in December 2022: what a way to end the year. He also further announced that he’ll be overseeing some of Twitter’s departments. He will be doing this until someone is ready and found suitable to replace him and this has created a great shift in the structure of Twitter's leadership.
Why So Much Controversy on Twitter?
Elon Musk’s tweets on stepping down from the platform aren’t the only controversies surrounding Twitter. In October 2022 Elon Musk acquired Twitter for $44 billion and this brewed up a substantial amount of controversy and turbulence. As if this wasn’t enough he went on to dismiss half of the company’s employees and created concerns with the direction of the company.
He also introduced a Twitter verification system that drew up mixed responses from its users and was never implemented. I wonder if all these controversies surrounding Twitter have anything to do with Elon Musk stepping down, well read on. Undoubtedly these actions have illustrated some worrying dynamics and complexity when it comes to acquisitions and tech industries. These controversies have generated significant backlash from advocacy groups, news organizations, and European officials.
More Controversy: Floki’s Surge
Floki Inus’ surge came after Elon Musk’s announcement of his dog Floki becoming the new CEO of Twitter. This resulted in a 45% surge in its value and the coin is currently trading at 0.0000348248.
For those of you that don’t know what Floki Inus is: I will fill you in. Floki was launched in 2021 as a meme-inspired cryptocurrency named after Elon Musk’s pet Shiba Inu dog, Floki. The currency has recently gained popularity.
Musk Vacating his Position as CEO
Now, this still has us wondering why in just three months Musk has decided to step down as CEO of Twitter. According to Musk, this is an ideal time for this transition which is set to be complete by the end of 2023. He believes that Twitter would have established a much more stable position as a social media landscape. Musk has always made clear the standards he wishes to see achieved by the social media landscape.
On that point, I put away wondering if the controversies could be driving away Musk. The new commitments made by Musk totally diminish my thoughts. Apparently, his decision to step down was also informed by a survey that involved Twitter followers in December last year. The results of the poll showed that 60% of those that participated in the survey supported his resignation. Their main concern was that Musk was being distracted from his other ventures such as Tesla.
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Twitter is going down hill any ways. They keep trying to take free speech away from people.
I have been block out over 200 times. But I have a hack to get back on within mins.
” … so far it has been a nightmare.”
Please elaborate. What exactly has the “nightmare” been?
It is the job of the CEO to establish a vision for the company, but in this case it has already been established by Musk, so the new suit will have to buy into it and believe it is doable. Most CEOs do not have (or need to have) a tech background to steer a company with a tech underbelly, but a financial background and an understanding of what success is all about is essential. The vision is ‘X’ (social media, money transfers, shopping, video vault, etc.). The goal will be to keep the company solvent. Resourcing is going to be interesting. Musk intending to manage the server side … so far it has been a nightmare.
Managing Musk might be the new CEO’s most difficult task.