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Musk will step down as Twitter CEO once he finds “someone foolish enough” to succeed him

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(RockedBuzz via Reuters) – Billionaire Elon Musk said on Tuesday he would step down as chief executive of Twitter Inc once a replacement is found, but will continue to run some key divisions of the social media platform.

“I’m stepping down as CEO as soon as I find someone foolish enough to take the job! After that, I’ll just manage the software and server teams,” Musk wrote on Twitter.

Shares of Tesla Inc, which have lost about 60% of their value since Musk made the bid for Twitter in April, were up about 1% on Wednesday.

Musk’s $44 billion takeover of Twitter in October was marked by chaos and controversy, with some investors wondering if he’s too distracted to even properly manage his electric vehicle maker Tesla, in which he is personally involved in manufacturing and engineering.

This is the first time Musk has mentioned stepping down as head of the social media platform, after Twitter users voted for his resignation in a poll, which the billionaire launched on Sunday evening.

Graphics: Eyes on the Road – https://www.ceiving.com/graphics/TWITTER-POLICY/zjpqjjawnvx/chart.png

In the poll, 57.5% of approximately 17.5 million people voted “yes”. Musk said on Sunday that he would respect the results. He has not provided a time frame for when he will step down and no successor has been named.

The poll results capped a whirlwind week that included changes to Twitter’s privacy policy and the suspension – and reinstatement – of journalist accounts that drew condemnation from news outlets, advocacy groups and officials across Europe.

In a Twitter Spaces audio chat on Wednesday, Musk said Twitter was on track to achieve “near break-even cash flow” next year.

Musk attributed the projection to cost-cutting measures he recently undertook on the social media platform.

Wall Street has been calling for Musk to step down for weeks and recently even the bulls at Tesla questioned his focus on the social media platform and how it could distract him from running the EV maker.

Musk himself said he had too much to do and would be looking for a Twitter CEO. He said Sunday, however, that there was no successor and that “nobody wants the job that can actually keep Twitter alive.”

(Reporting by Ann Maria Shibu and Juby Babu in Bengaluru; Additional reporting by Yuvraj Malik; Editing by Anne Marie Roantree, Christopher Cushing and Shounak Dasgupta)