Elon Musk tweeted Tuesday he will step down as CEO of Twitter after he finds a replacement.
“I will resign as CEO as soon as I find someone foolish enough to take the job!” Musk wrote on Twitter.
With Tesla’s market value plunging since Musk announced his plan to buy Twitter in April, pressure is increasing for Musk to tap a replacement.
Shareholders are in open revolt over the time commitment and negative publicity that have come with Musk’s stewardship of Twitter.
Will Elon Musk step down as Twitter CEO?
CEO or not, Twitter’s new owner will still call the shots. After finding a successor, Musk tweeted that he will “just run the software & servers teams.”
Musk asked Twitter users over the weekend whether he should step down as CEO of the social media platform he bought for $44 billion in October. With more than 17 million votes cast, the verdict was decisive: 57.5% of straw poll respondents said he should.
CEO candidates whose names have been floated include Musk pals David Sacks, a former PayPal executive, and Jason Calcanis, a tech entrepreneur.
Musk said early on that he didn’t plan to remain at the helm of Twitter and reducing his time commitment was his plan all along.
“There’s an initial burst of activity needed post acquisition to reorganize the company,” Musk said in November during a trial over his compensation at Tesla. “I’d find someone else to run Twitter over time.”