Musk said he never intended to be CEO of Tesla, and that he didn’t want to be chief executive of any other companies either, preferring to see himself as an engineer.
Musk had to testify in the trial in Delaware’s Court of Chancery over a shareholder’s challenge to his potentially $55 billion compensation plan as CEO of the electric car company. Last November, he was questioned in court about how he splits his time among Tesla and his other companies, including SpaceX and Twitter. Shareholders of the electric car company have been concerned about how much of his attention is being spent on Twitter. Shares of Tesla rose about 2% Thursday after Musk made the announcement. The success of those efforts will depend on who takes over, but it’s difficult to imagine that the new CEO could be more controversial or damaging to Twitter’s ad business than Musk has been.” As he steps back, Twitter can begin to unravel Musk’s personal brand from the company’s corporate image and attempt to regain trust among advertisers. "The single biggest problem with Twitter’s ad business was Elon Musk. “A new CEO is the only way forward for Twitter," said Insider Intelligence analyst Jasmine Enberg. Twitter's advertising business has taken a hit under Musk's mercurial rule, though the billionaire told BBC last month that the company is now “roughly” breaking even. In February, he told a conference he anticipated finding a CEO for San Francisco-based Twitter “probably toward the end of this year.”Īnalysts who follow Twitter's business welcomed the news even without knowing who the replacement will be. More than a month later, he tweeted in December: “I will resign as CEO as soon as I find someone foolish enough to take the job.” The pledge came after millions of Twitter users asked him to step down in a Twitter poll the billionaire himself created and promised to abide by. While testifying, Musk said “I expect to reduce my time at Twitter and find somebody else to run Twitter over time.” In mid-November, just a few weeks after buying the social media platform for $44 billion, he told a Delaware court that he does not want to be the CEO of any company.
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