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Elon Musk not serious about handing over powers to new CEO

Elon Musk not serious about handing over powers to new CEO

Elon Musk said Tuesday that he will remain in charge of Twitter's software and server teams even after resigning his CEO seat to "pick an idiot". He made news earlier this week in response to a poll where nearly 58 percent of respondents said he should step down as CEO.

Given that the social networking site is primarily made up of software and servers (especially after massive layoffs), it's clear that Musk will still have direct control over the company, even if he doesn't have an explicit CEO title. it is not surprising; Musk has real control over the product in most of his companies, and he still owns Twitter at the end of the day. But the announcement likely means disappointment for anyone who is hoping that stepping down as CEO will end Twitter's wild rollercoaster ride.

While Musk has indicated that he is primarily interested in Twitter users willing to pay him for the service, there is another group of people he has to satisfy: Tesla shareholders. The company's stock price has been falling since Musk bought Twitter, falling from a value of about $100 on November 1 to about $137 at market close on Tuesday.

Musk has at times blamed falling interest rates for making savings more attractive than investing, but some Tesla shareholders are concerned that the company's engineers work on Twitter and that Musk's antics on Twitter could affect their other interests. How does it affect companies? Yes, have expressed concern about this. According to Business Insider, Ross Gerber, head of a firm that has invested in Tesla, said, "Optics is the only problem CEO Hunter Biden discusses on Twitter every day." Musk has also sold off billions in Tesla stock as he promised this spring (and again this summer) to stop doing so. It looks like some of the money from the Tesla selloff went to help run Twitter.

Unfortunately for Tesla shareholders — a group that includes Musk, whose shares once made him the richest man in the world until a share price slip cost him that title — it doesn't look like that. Musk is going to be more. Also intend to move away from Twitter soon. Certainly, whoever he gets as CEO could be tasked with trying to corral advertisers and policymakers, both of whom are suspiciously eyeing Twitter's new management. But when it comes to Twitter that people are actually using, it looks like Elon will still be the main tweeter.

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